fortnum

Piccadilly-based food emporium Fortnum & Mason more than doubled profits - from £1.8m to £3.8m - last year after opening its first new store in more than 300 years at St Pancras International Station last November.

Sales at the upmarket retailer jumped 14% to £74.4m. And with a licensed store added in Dubai in March 2014, and a standalone store opening at Heathrow Terminal 5 last week, the privately owned retailer is set for further growth in 2015.

Fortnums has experienced strong sales growth in recent years, with revenues growing 9.6% last year and 8% the year before. It moved back into profit in 2010, but posted heavy losses of between £5-10m in each of the four years prior to that. Profits plunged in 2012 to just £313m after an IT problem saw a significant number of Christmas hamper orders fail to reach customers in time.

CEO Ewan Venters said: “We’re very excited about Christmas, naturally, and all the signs suggest we are going to have our best festive season on record. Looking to the future, we know we can’t afford to rest on our laurels.

“We’ll continue to invest in the business to provide our customers with the best possible experience, in stores and online, and we’re all set to launch a number of extremely exciting initiatives in 2015 that will, hopefully, see us deliver another set of record-breaking results next year.”