, the leading international art and antiques retailer, has announced an improved performance for the year ending 31 December 2013. Mallett saw an increased turnover of 16% to £11.8m, from £10.2m in 2012. The companys underlying trading performance improved to a break-even profit position from a previous loss before tax of £0.3m in 2012. Malletts reported profit before tax was £0.5m, an increase from 2012s pre-tax loss of £0.1m.
The rush of sales in the first half of the year continued for Mallett US and resulted in a sales total of £6.8m, the second highest sales total from the US showroom since it opened in 2003 and over double that of 2012 which saw sales at £3.1m.
Thus the decision to retain the US showroom in its entirety has been made, with the intention to maximise potential in the US market.
Our strategy of targeting new geographical areas has proved successful with sales in China of over £1m in the year (2012 - £0.1m), said Lord Daresbury, Chairman of Mallett. The recruitment of a local agent in Hong Kong plus targeted visits by our Chief Executive has proved successful in promoting the Mallett brand to the right client base in China.
Key elements of Malletts strategy include:
Developing a new, high quality website which showcases pieces with extensive photographs and research. The website will be educational and multi-lingual with the inclusion of scholarly articles on the decorative arts and individual aspects of the market. In addition, Malletts new website will allow transactions to be made online.
Targeting new geographical areas in emerging markets such as Brazil and the Middle East, replicating the successful model used in China. Mallett will recruit local agents to promote the Mallett brand and develop relationships with key clients in these regions.
Commenting on the market, Giles Hutchinson Smith, CEO of Mallett says the decorative arts market, particularly the antiques furniture market is having to re-adjust to the new global sales arena. [Malletts] strategy has therefore had to change in order to continue to deliver the business model that has been successful for over 100 years. At the top end of the market where Mallett operates, it is essential to maintain a top quality showroom environment in which to showcase our stock, but we also need to extend our each to reach to new markets.