LUXURY shoemaker Jimmy Choo said it more than halved its losses last year, thanks to its expanding footprint in Asia, despite shouldering £7.8m of initial public offering (IPO) costs.
The company, which floated on the London stock market in October, reported a 7.2 per cent rise in earnings before tax, interest, depreciation and amortisation (Ebitda) to £50.2m in 2014, on sales which rose 6.4 per cent to £192.9m.
Loss before tax fell to £8.2m from £21.4m the previous year despite incurring £13m of costs of which £7.8m were related to its flotation.
Jimmy Choo has been reducing its reliance on third-party retailers by opening more stores that it directly owns.
Nine were opened during the year, with a focus on China where it has less of a presence compared with its peers.
Sales in Asia, excluding Japan, jumped 34 per cent to £34.8m, helping to offset slower growth in Europe, which was impacted by fewer Russian travellers. Europe, Middle East and Africa grew by 4.7 per cent to £132.4m.