Jewellery brand’s director says retail is proving very challenging.
Scottish jewellery brand Ortak has announced losses of £77,336 in the 12 months to January 2012, according to the Herald Scotland.
The Orkney-based company, which has around 152 staff members, reported a profit of £111,452 in the fiscal year between 2010 and 2011, and has reported the loss despite a slight rise in turnover to £7.3m.
Ortak’s managing director Alistair Gray said that retailers are facing “very challenging” times at present and that 2012 has been an equally though year. “We don’t see any immediate signs of an upturn,” he told the newspaper.
Gray added that the losses were not just affecting Ortak, and that everyone in the jewellery industry is battling against the recession and increase in raw material prices.
Ortak has restructured its share capital, though Gray has stated that no additional money has been injected into the company, and that the move should solely help to distribute equity more evenly.
Ortak is hoping that the Christmas period will help boost sales, nothing that about 40% of its annual turnover is a product of November and December jewellery sales. The brand recently launched its Poppy Scotland collection, timed to coincide with Remebrance Day.
"We have been continuing to invest very heavily in new product. It is easy when times are tough to cut back on investment in design.
"But we have just launched more than 200 designs for the Christmas season and are revamping our displays and merchandising in store,” Gray told the Herald Scotland.