Hallmark: Greeting cards giant halves headcount in two years
The UK arm of greeting cards giant Hallmark has cut more than 150 jobs as part of its bid to return to profit.
The Bradford-headquartered division of the US group reduced its headcount from 561 to 405 in 2024, new accounts filed with Companies House show.
The latest figure is more than half the 867 people Hallmark employed at the end of 2022.
The new accounts have also revealed that Hallmark decreased its pre-tax loss from £15m to £10m in the 12-month period.
The last time Hallmark reported a pre-tax profit was the £5.7m it achieved in 2020.
With its latest year in the red, it has now racked up losses of almost £40m.
Its turnover also fell from £61.8m to £58.1m in 2024. The total is more than half what it was at the end of 2021 – £123.2m.
Hallmark hails ‘strategic changes’
A statement signed off by the board said: “While the company experienced a modest year-over-year decline in revenue, the restructuring efforts undertaken in 2023 have delivered tangible financial benefits, driving improvements in gross profit through enhanced operational efficiency and cost optimisation.
“These strategic changes have streamlined processes and reduced overheads, contributing to a more robust margin performance.
“In addition, the sale of a distribution centre during the year further supported operating margin improvements by lowering fixed operating costs.
“The strategic changes were further supported in the year with an issue of 15m ordinary shares with a nominal value of £1, providing the necessary funding to implement key initiatives and strengthen the financial position of the business.
“As a result, the business has seen a meaningful reduction in overall losses, marking a significant step toward achieving long-term financial sustainability.”
Hallmark added: “In the year the group began a group simplification process; this was still ongoing at the year end.
“This included reviewing intracompany balances to consolidate and eliminate significant amounts arising from past acquisitions and restructuring.
“The directors expect this work to be completed in the second half of 2025.”