JO Sims Holdings, the parent company of Spalding-based JO Sims, has reported a pre-tax profit increase for the fiscal year ending 31 December 2023. The company, established in 1896 by Josiah Oliver Sims in London's Pudding Lane, recorded pre-tax profits of £16.4m, a rise from £2.8m in 2022, despite a turnover decrease from £97.2m to £95.2m. This performance comes after a period described by the company as "relative stability" following three years of challenges including the Covid-19 pandemic, the war in Ukraine, supply chain disruptions, soaring energy prices, and inflationary pressures in the UK. The company attributes its financial outcomes to strategic resource allocation, stringent cost control, efficiency improvements, and debt reduction efforts aimed at navigating the complex trading environment and safeguarding the interests of the business and its employees.
Source: insidermedia