Moray family firm Johnstons of Elgin record £305k pre-tax loss
Johnstons of Elgin has posted a pre-tax loss of £305,000 for last year – a sharp drop from the £4.6million profit it recorded in 2023.
Moray’s oldest family firm saw annual sales drop by 6%.
Chief executive Chris Gaffney said: “Following consistent growth averaging 25% per annum in the three years after the pandemic, the volumes that were forecasted for 2024 did not come to fruition due to the well-documented slowdown in the luxury market.
“Our cost structure is now aligned with our forecast for 2025 and we are budgeting for a return to profit this year.
“We expect the luxury market to return to more normal levels of growth in the coming years and are well positioned to benefit from our vertically integrated, made in Scotland, supply chain.
“Everything we sell is either woven, knitted or made into garments by our talented craftspeople in our own mills.”
Johnstons of Elgin was founded in 1797. It employs 1185 staff, with the bulk based in Elgin.
