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Umbro announce £41m losses

eNewsletter
align=justify>Umbro International has revealed a £41.4m loss despite a 75% increase in annual sales.

The Nike owned sportswear brand, whose headquarters are in Stockport, supply kit to the England team and Premiership side Manchester City.

Notes to the account for the twelve months until 31st May put the loss down to £17.2m paid out in an ‘arbitration award in relation to litigation with a former licensee’.

Umbro International also had to pay £3m in legal fees as a result of the dispute. Other contributors towards the loss include a £3.4m writedown in an investment in a French business, £1.8m in restructuring costs and a £1.2m termination payment made to a former director.

During the period former CEO Matthew Cook and Lewis Bird III, the former president of Nike's Affiliates group left the firm.

Meanwhile, rival sportswear giant Adidas managed a 3% growth in UK sales last year to £412.5m despite what it described as a 'difficult' market, but profit dropped by 28% to £11.7m.

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