Swift and Bailey see profits boost

Steeply rising turnover in the past year has helped to fuel substantial improvements in brands’ performance

MAJOR CARAVAN manufacturers Swift and Bailey have seen a big profits boost on the back of a sharp rise in turnover this year.

The continuing high demand for caravans saw Bailey of Bristol jump back into the black during 2022, with a pre-tax profit of £3.6m for the year, compared with a loss in 2021 of £571,531. Turnover for the brand increased from £97.2m to £131m.

Swift, meanwhile, saw its pre-tax profit for the year to the end of August last year jump by two-thirds, to £19.2m. Group turnover rose from £232.7m to £301.1m.

Bailey said the events of the past year, which saw caravan stock levels on retailer forecourts slowly returning to normal, had validated its decision to divide the firm’s caravan and motorhome production onto different assembly lines in its factory, because by contrast, motorhome stock figures were proving much slower to return to more normal levels.

Problems in the supply chain led it to see abnormally high “almost finished” stock levels throughout the year, but it added that customer demand continued to be high and it had participated in two successful shows at the NEC throughout the year, where it maintained market share.

It said the retail order book heading into 2023 had been “pleasing”, although it was acutely aware of the potential impact that the continuing cost of living crisis might have, particularly on caravans.

Swift said it was able to capitalise on strong consumer demand, although it did face challenges both from the supply chain, and, following the pandemic, the labour market. It is currently actively recruiting.

The Hull company added that it was well positioned for the current year, although it is still facing some challenges from the after-effects of the pandemic and the UK’S persistently high inflation rate.