Profit at Mountain Equipment more than halved following a strong few years of growth as the brand saw a sharp decline in exports, according to newly-filed documents.
The company, which is headquartered in Macclesfield, saw its turnover drop to £50.7m in 2023, down from just over £60m in 2022.
The company’s pre-tax profit also slumped, more than halving to £3.2m from £7.4m in the year before.
These most recent results follow a record-breaking few years for Mountain Equipment, which reported its highest ever sales in 2022.
The company’s last financial year also lagged behind its 2021 results, when it posted a turnover of £51m and pre-tax profit of £6.4m.
Mountain Equipment said a 24 per cent decline in export sales – which make up 45.4 per cent of the company’s total revenue – had shrunk its overseas turnover to £23m, down from £30.4m in 2022.
Its UK sales fell to £27.6m during the year, a 6.6 per cent reduction from £29.6m in the 12 months before.
In a statement published to companies house the firm said: “Sales to export markets and a focus on continuous product development are seen as the drivers for long term growth of the business.”
Who is Mountain Equipment owned by?
Founded by sleeping bag manufacturer Peter Hutchinson in 1961, Mountain Equipment was bought by Bollin Group in 2003.
As well as owning Mountain Equipment the group, which is also headquartered in Macclesfield, is also behind distributor Burton McCall, performance socks manufacturer Bridgedale and hiking specialist Trek Mate.
Bollin Group hasn’t yet released its 2023 results, but reported an increase in its turnover in 2022 to £99.2m from £93.4m in the year before, although its pre-tax profit dipped to £8.6m from £9.2m.