Online retailer Lovehoney saw its full-year profits treble to £2.25m, thanks to demand for its exclusive Fifty Shades of Grey licensed range and an increasing public acceptance of sex toys.
Profits after tax at sex toy firm Lovehoney jumped from £750,000 to £2.25m in the year to March 31, 2013. Sales rose by £8m to £23.6m.
Gross margins rose from 24.1% to 27%.
Lovehoney co-founder Richard Longhurst put its strong performance down to several factors.
He said: “Over the past few years we’ve seen a gradual process of increasing acceptance of sex toys and the 50 Shades of Grey range proved to be fantastic for us.”
The company’s strategy of refusing to discount early over the Christmas period proved to be a successful strategy with the company seeing December sales jump by 45% compared to last year.
In December, Lovehoney enjoyed its busiest month yet, with turnover growing 45%.
“We know our customers appreciate the value of our products. Our two biggest sellers was a magic wand massager which costs £49.99 and a £74.99 version. This proves that if a product is good, people will buy it,” Longhurst said.
In the next year, Lovehoney will launch new localised websites for France and Germany.
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