Timpson announces expansion despite profits drop

<p>Cobbler Timpson has announced it is expanding.</p>

Cobbler Timpson has revealed expansion plans that it says are taking a long-term view for the future of the company, despite it posting a drop in profits.

The key-cutting chain plans to open another 100 branches even though its profits are down by as much as a fifth.

It is expected that the majority of the new stores being opened by Timpson in the coming weeks and months will be located inside supermarkets all over the UK.

"Our link with supermarkets provides a substantial route to grow the business," it added.

The company stated that a "tricky time on the High Street" can be blamed for its fall in pre-tax profit for the year to the end of September to £10.1 million.

Timpson has a history that dates back for close to 150 years and it was founded by William Timpson, who opened his first shop in Butler Street, Manchester in 1865 at the age of 16.

Learn about the Asian markets and CFD trading at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.