British brand Paul Smith is slowly getting back on its feet. The company has recorded a 3.5 per cent increase in revenue to £185 million for the year up to June 30, while profits before exceptional items increased by 45 per cent to £5.7 million. The results come after a year of restructuring following an 8 per cent decrease in full-year revenue in the previous year.

The high-end clothing company spent most of 2017 carrying out restructuring measures and strengthening its two product lines Paul Smith and PS Paul Smith. Retail sales for the year increased 11 per cent overall and 3 per cent on a like-for-like basis, reflecting the closure of the Paul Smith Fifth Avenue store in New York in January 2016 and the relocation of the Paul Smith flagship store in Paris in September 2016.

However, extraordinary items and the continued restructuring sent the brand’s profit for the year tumbling by 74 per cent from £7.8 million to £2.1 million. As per the company its retail performance continued to improve since year end, with season to date sales for the AW 17 season up 18 per cent, or 11 per cent on a like-for-like basis.

And whilst wholesale sale decreased 11 per cent to £74.1 million in 2017, hit by weak demand in the UK, France, Russia and Asia, wholesale forward orders for SS 18 were up 7 per cent on the previous Spring Summer season. Paul Smith has stores in London, Paris, Milan, New York, San Francisco, Los Angeles, Hong Kong, Singapore, Taiwan, Korea and the UAE.