Neptune is back in the black following a shake up of its management team

The home and furniture retailer recorded a turnaround in profitability in its most recent set of results, following a period of strategic development at the brand. 

EBITDA reached £2m for the year ended 30 September 2023, following a £3.1m loss in FY22. Turnover was down 17% to £73m as the business normalised after a Covid peak. 

During the period, the retailer implemented a new ecommerce platform, launched a colour consultancy and interior design programme for commercial clients, reduced prices across key lines and opened two new stores in Guildford and Redbrick Mill. 

Neptune has also had a management shake-up in recent years, with the appointment of former Soho House managing director of retail Aalish Yorke-Long as CEO in November 2022, and former River Island CEO and non-executive director at John Lewis Parnership Will Kernan joining as chairman in July last year. 

The retailer told Retail Week it has implemented a new three-year plan which involves “re-setting the brand from a market visibility perspective” and “launching an invigorated product strategy to drive excitement and engagement.”

Neptune CEO Aalish Yorke-Long said: “We are pleased with the group’s performance during the year with a turnaround in profitability in a very challenging trading environment. The positive momentum has continued into 2024 with our focus on the customer proposition, improving margins and efficiency gains. I would like to thank all of our teams and partners for their hard work and support.”