old

Underlying profits climbed 17 per cent at furniture and department store retailer Banburys despite tough trading conditions in the year to end January.


EBITDA at the three-store Devon retailer—whose shops include a large dedicated furniture and furnishings unit on Barnstaple’s Boutport Street—reached £158,902 despite total sales falling 1.7 per cent to £6.1m.


Banbury’s other two sites are its main department store on Barnstaple High Street and a second department store down the A361 in the centre of Tiverton.


Privately owned Banburys—which can trace its roots back 90 years—said the fall in turnover was representative of the majority of high street traders, but added that it had done well to maintain margins against rising input price pressures and strong competition.


The company narrowed its pre-tax deficit to just £18,554 (2014: £33,520) and generated a net £169,496 cash from operations (2014: £404,072) with year-end net debt near-constant at £647,870.