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British Beauty brand business Brand Architekts narrowed annual losses as lower costs offset a slip in revenue.
For the year ended 30 June 2021, pre-tax losses narrowed to £1.9 million from £4.3 million year-on-year as revenue fell 2.3% to £15.9 million.
Underlying gross profit margins were up 170 bps to 36.9%, driven by 'lower product discount expenditure in the year and higher margin product mix,' the company said.
'The required transformation of the business has taken longer than originally anticipated, undoubtedly exacerbated by COVID and the changing patterns and behaviours of offline retailers,' it added.