Positive impact of new Hotter team
Hotter has posted results which shows that it improved its performance for the year to January 31st following a difficult prior year. New CEO Ian Watson, who replaced Sara Prowse in March, has confirmed that the market continues to be challenging, but that its new team continues to take decisive action. The multichannel business focuses on designing, manufacturing and selling comfortable footwear for mature customers which it sells via its own retail stores as well as direct to consumer.
Sales for the year to January 31st 2019 fell to £88.9 million from £100.8 million. Electra Private Equity invested £7.5 million in the business early this year to support its transformation programme.
Hotter said: "Whilst market conditions continue to be challenging, excellent progress has been made in strengthening management and implementing the key strategic changes to the business and its products, necessary to signifcantly improve the performance and resilience of the busines." It also said that the market it serves is growing in both the UK and overseas and that further signicant improvement in its EBITDA is already showing for the current financial year.