High Street retailer Card Factory has reported a pre-tax profit loss of £16.4 million in its final year results.

The retailer, which made £65.2 million in the previous year, saw profits before tax decline by 122.7 per cent year-on-year.

The company said that the closure of stores for an average of five months had had a significant impact on profitability.

But it added that “swift action” preserved cash, with a £35 million reduction in net debt.

The business said that successful refinancing has provided the necessary resources to invest in its growth strategy.

This included a £100 million revolving credit, a £75 million term loan, and a £50 million coronavirus large business interruption loan.

“Since joining Card Factory in March 2021, I’ve been immensely encouraged by what I have seen and heard,” said Darcy Willson-Rymer, chief executive, Card Factory. “We have successfully reopened our entire store estate following the third lockdown and delivered a reassuring performance in stores, whilst maintaining online momentum.”

The chief exec said that the recent refinancing provides “sufficient resources” to build on the company’s platform.

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