Annual sales at male grooming company Bulldog Skincare jumped as new product development drew customers in.

Turnover amounted to £16.8m for the year ended September 2018, compared to sales of £20.6m in the 18-month period to September 2017.

On a pro-rata basis, the figures implied a 23% rise in revenues from what would have been £13.7m.

The skincare company’s profitability however, was halved by the heavy discounting with pre-tax profits falling to £230k from £1.5m in the previous 18 months, a 54% pro-rata drop.

Profits were also set back by investment in NPD, as Bulldog continued focusing on sustainability with the launch of its now infamous bamboo razor in August 2018

During the year, Bulldog has also switched the tubes for its moisturisers, scrubs and washes from oil-based plastic to plastic made from Brazilian sugarcane.

“To safeguard future growth and attract new customers to Bulldog, we have invested heavily in our marketing activities, new product development, and direct-to-consumer offering,” general manager Caroline Mallet told The Grocer.

“We continue to see exceptionally strong results having more than doubled net sales since October 2016.”

Operating profits reduced to £272k as administrative expenses rocketed 78%, on a pro-rata basis, to £4.1m from £3.4m.

Over 75% of the company’s sales were achieved in the UK, with Europe accounting for 14% of turnover and the rest of the world for 8.9%.

Going forward the company sees “significant opportunity for growth” – both in the UK and abroad – Mallet added.

Bulldog said it expects the trading environment to “remain competitive” going forward, with “unfavourable” and “uncertain” global economic conditions highlighted as one of the main risks to the business.

Last week, it was revealed by The Grocer that volumes in male skincare sales slumped 10% in the year to 24 February, with sales value reduced by £5.3m.

Bulldog was one of the only brands to achieve growth amid the downfall, up 25.5% [Nielsen 52 w/e 20 April 2019].

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Bulldog’s holding company was sold to Wilkinson Sword-owner Edgewell personal Care Holdings UK in October 2016. Due to the ownership change, international sales and employee costs were transferred out of Bulldog’s accounts.