Back in the black for Tiso

Rebecca Hubbard
Posted: Thursday, July 8, 2010 3:06 pm

Back in the black for Tiso
As plans are made for expansion in the near future, Tiso has jumped back into the black after declaring a pre-tax profit of £1.2m in the year to January 31.  


The profit is an impressive improvement on last year, when the company posted a loss of £100,000. However, total group turnover dipped from £27.4m to £27m in the same period.

The Scottish outdoor retailer said its “strong cash flow generation” allowed the payment of £1.6m worth of bank loans and overdrafts, which in turn reduced borrowings from £7.5m to £5.9m.  The company claims that this has created “substantial headroom” for store expansion.

In the period, the 13-store business “completed a full strategic and operational” review, as well as a “major store refurbishment” scheme.

Chris Tiso, chief executive, said: “This has been a strong performance for the Group, despite challenging trading conditions. The strategic and operational changes we put in place over the last year have significantly transformed our business and provided us with a solid foundation upon which to grow both organically and by acquisition.

“While we anticipate that the economic environment will continue to impact the retail sector, as a group we are well positioned to continue our strong progress and remain focused on further improving operational efficiencies and maintaining customer loyalty to deliver long term value.”