Takeovers put Timpson on a firm footing as sales grow
PROFITS dipped at Timpson last year due to the takeover of dry cleaning groups Johnsons and Jeeves – but sales continued to grow. The company expanded in all divisions including drycleaning, photos, watch and shoe repairs and key cutting.
The family-owned business, founded in 1865, grew to 1,906 branches last year and recorded a turnover of £260 million in the year to September 30, 2017, up from £205 million the previous year.
Profits fell from £20.2 million to £12.6 million, but chairman John Timpson said the extra sales would be converted into profits this year and that the number of shops would shoot past the 2,000 mark.
A £6.9 million dividend was paid out, compared to £12.1 million the previous year.
The chairman added: ‘In our core Timpson branches the day is rapidly approaching when our annual watch repair turnover will overtake shoe repairs. But they still both lag well behind key cutting which, despite digital attempts to enter the security world, is still a growing part of our business.’
Launching Timpson franchises in China had been ‘disappointing’ so the firm is now concentrating purely on the UK and Ireland.
The company bought Johnson and Jeeves to add to its Morrisons dry cleaning business and provides drycleaning to 180 Waitrose stores and 720 Timpson units. Its photo business includes Snappy Snaps, Max Spielmann and 281 selfservice photo kiosks in Tesco.