Blackwell's reports turnover of £53.04m for year before Waterstones takeover

Blackwell’s has reported a turnover of £53.04m in the 12 months ending 1st January 2022. 

Newly released figures at Companies House show the company, which was bought by Waterstones in February this year, has returned its reporting period to 12 months, after temporarily increasing its financial period to 18 months during the pandemic.

Gross profit came in at £10.03m, compared to £18.1m during the 18 months to 2nd January 2021. The loss on ordinary activities before taxation was £1.5m. Redundancy costs came in at £38,000, a significant drop from 2020 which incurred a sum of £388,000.

However, significant investment in Blackwell’s is under way, increasing stock levels and refurbishing many of the shops, including the flagship bookshops in Oxford and Edinburgh, the company has said.

“We are very pleased with the progress at Blackwell’s this year, with the business benefitting especially from the increase in stock,” said Emma Hillyard, finance director of Waterstones.

“The two businesses have been very happily combined to the benefit of both. We look forward to further growth as the investments in the flagship shops improve the appearance of these historic bookshops, and Blackwells.co.uk continues its impressive performance.”