The company MIP Holdings Ltd. has published their results for the 2023/24 financial year.
For the reporting year, which was completed on June 30, 2024, the company showed a profit before taxes of £ 1.6 million (around £ 1.9 million). This is a clear increase compared to £ 0.3 million in the previous year. The adjusted result before taxes of the group increased from 3.4 to £ 5.1 million.
In a message, the company said that despite a decline in sales, this result was achieved to £ 108 million (around 131 million euros). The losses were therefore mainly due to lower sales with wholesale customers in Great Britain/Europe and North America. However, gross profit rose to £ 38.2 million with a margin of 35.4 percent. The other operating income, which mainly resulted from license income, grew £ 7.4 million.
An important step was the successful refinancing of the existing external loans on June 27, 2025, the company said. The previous equipment credit line of 21.2 million British pound with Gordon Brothers International LLC and Aurelius Finance Company Limited was therefore completely replaced. It was replaced by a new fazility of the HSBC UK Bank PLC. This new agreement includes a loan with a term of ten million British pounds, a trade facility of £ 7.5 million and an invoice contingent facility of £ 7.5 million, with 19 million British pounds of financial resources from HSBC. This refinancing is secured by the group’s assets in Great Britain, the USA and Canada.
The management now expects a continued competitive business environment. However, it was confident about the financial situation of the group and its ability to master the identified risks. Management emphasized that the group was well positioned to keep and expand its current position. The focus is on long -term sustainability and profitability.
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