A Swansea-based hair removal products company has announced a rise in losses for the latest fiscal year. Despite this, the directors of iPulse Ltd. are confident that the business is “well placed” to seize new opportunities and optimize operations to meet customer demand.
iPulse’s main trading subsidiary, Cyden, specializes in using light for beauty treatments. The company focuses on the design, development, manufacturing, and sale of intense pulsed light (IPL) devices for home hair removal. It operates as an Outsourced Design Manufacturer (ODM) for a large client while also selling products under its own brand, Smoothskin.
The average workforce at the company decreased slightly, with employee numbers dropping from 280 to 275.
For the year ending December 31, 2023, iPulse reported a pre-tax loss of £2.43 million, up from a loss of £1.16 million the previous year. Turnover also fell to £83.8 million from £100.5 million in the prior period, attributed to competitive pressures in key markets.
The report noted a rise in gross profit percentage, which was partly due to the absence of one-off provisions that affected the previous year’s figures. While the balance sheet reflects strong net current assets similar to the prior year, there was a decrease in overall net assets.
In the group’s strategic report, directors expressed optimism, stating that with sufficient resources, the business is poised to adapt to new opportunities and enhance operations in line with customer preferences.
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