PRINGLE of Scotland cited ongoing investment in the development of the luxury knitwear brand and growing its international presence as it posted further losses in its most recent financial year, writes Scott Wright.

The company, owned by the Hong Kong-based Fang family, made a loss of £4.9 million before tax in the 52 weeks ended January 28, accounts newly available at Companies House reveal. Pringle, which moved into the world of high fashion having once been synonymous with golf, had made a loss of £5.01m the year before. Turnover climbed last year to £5.05m from £4.4m.

“The directors are not expecting to reporting operating profits in the short term but are satisfied that the development of the brand and of the business are progressing in line with their long term strategic objectives,” the accounts state.

The directors said last year’s loss was offset by an increase in share capital of £5m following a further funding injection by parent firm Pringle Enterprises. A further £2.81m of funding has been received from the parent firm since year-end. The directors add: “Direct retail development in both the UK and overseas is a key focus for the business in the short and medium term along with the development of alternative distribution channels such as e-commerce and selected licensing partnerships.”