Adanola: Profit more than doubles at Gen Z favourite athleisure brand
Profit has more than doubled at athleisure brand Adanola following a “remarkable’ year that also saw its sales surge.
The Manchester-based label, which is worn by the likes of Michelle Keegan, Molly-Mae Hague and Maya Jama, has reported a pre-tax profit of £18.9m for the year to 31 March, 2024.
The latest total comes after Adanola posted a pre-tax profit of £8.3m in the prior 12 months.
Newly-filed accounts with Companies House also show the brand’s turnover jumped from £27.8m to £57.1m in the financial year.
Total orders jumped by 98 per cent in the year, compared to a 308 per cent rise in the prior 12 months.
Units sold also surged by 110 per cent, having also grown by 248 per cent last year.
Earlier this year, founder Hyrum Cook stepped back as chief executive and was succeeded by Niran Chana, the former chief commercial officer of Gymshark.
Adanola achieves ‘remarkable results’
A statement signed off by the board said: “The business has, in the opinion of the directors, had an excellent trading period for the year… noting that the trading conditions remain highly uncertain because of the current weakness in economic fundamentals including high and persistent inflation as well as some international conflicts.
“The directors however remain satisfied with the progress against the company’s key strategic objectives in the current year.”
Adanola added: “We’ve achieved remarkable results in both financial performance and operational efficiency.
“Total orders and units sold have increased substantially and the average number of employees has increased despite the relocation of our fulfilment centre to a third party logistics provider.”
During the year the average number of people employed by Adanola increased from 53 to 76.
On its future, the company said: “The directors acknowledge that the business operates within a highly competitive landscape, where broader macroeconomic factors may also influence consumer behaviour.
“Despite the likelihood of ongoing competitive pressures and challenge sin the trading environment, the directors remain confident that the company’s strategic investments in operational processes, technology and brand strength will support sustained profitability.
“Key areas for future growth include enhancing the digital experience, expanding operations into new markets with a localised approach and broadening the product range to meet evolving consumer needs.”