Burberry wary of currency risk after record profit

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Luxury goods group Burberry today announced an 8 per cent rise in profits in its first set of results since Christopher Bailey took the helm.

Bailey, the firm’s chief creative officer who succeeded former chief executive Angela Ahrendts last month when she left to join Apple, said the firm turned in record sales and profits for the year to 31 March, but the strength of sterling could weigh on earnings this year.

Burberry posted an adjusted pre-tax profit of £461 million for the year, up from £428m last time, on total revenues 17 per cent higher at £2.3 billion.

Bailey said: “The strength of this performance reflects sustained strategic focus, continued investment, disciplined execution and outstanding brand momentum during the year.

“While mindful of macroeconomic uncertainties and currency headwinds, we remain focused on the things we can control and confident of driving sustainable future growth, benefiting all our stakeholders.”

A final dividend of 23.2p a share was proposed, up from 21p a year ago, lifting the full-year payout by 10 per cent to 32p.