Fashion executive’s Scottish sportswear firm enjoys surge in sales and profits

Sales at OLR Holdings, which trades as DFYNE, jumped to £13.57m in the year to January 2024 from £1.88m in the prior year.

Pre-tax profits rose to £3.83m in the 12 months to January, from £797,367 in the prior financial year. Net assets at the business rose from £456,847 to £2.29m.

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DFYNE sells its UK-designed gym and sportswear globally via its website, with sales across the UK and elsewhere in Europe, the US and Australia.

Mr Ryndziewicz, the company’s sole shareholder, said: “We are delighted with the financial results last year, but we believe the success has been achieved by focusing on some core principles, especially maintaining a strong focus on culture across our team, the athletes who promote our brand, our loyal customers through first-class customer service and designing excellent products.

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“The financial results mean that we are in a great position to continue our journey as a new business. We are delighted that we have managed to grow turnover so significantly, while maintaining healthy margins. The strength of our balance sheet provides the company with a solid platform to continue to grow.”

The business declared that a recent move to express shipping with DHL for all packages had further strengthened its offering after the financial year-end, and had been “warmly received by customers”.

Mr Ryndziewicz said: “We strive to design premium products that ‘make people feel incredible’ while ensuring functionality is not affected. With this in mind, we launched our new Impact range during the year to complement our existing Dynamic range and in this current year introduced new collections, Stealth, an offering aimed at men, which premiered in April 2024 at FIBO, a trade show in Cologne which showcases the latest trends and innovations in fitness, wellness and health.

“It is our intention to maintain our reputation for quality products at sensible prices and to ensure that our objective of making people feel incredible continues to be at the heart of our business purpose.”

He added: “We want to see this reflected not by offering discounts on Black Friday but by donating a percentage of sales made to the mental health and wellbeing charities chosen by our customers.”