Blue Diamond have reported profits before tax of £21.8m from a turnover of £332.4m in their 2024 Report and Accounts published today.

Managing Director Alan Roper leads on "The missing millions" in his report: "In summary, £12.5m of profit per annum has been wiped out by 3 years of government intervention on wage costs."

He goes on to say: "When one considers the profit erosion of businesses through government policy, as I have outlined in my report, it's not surprising that companies have hit troubled waters. However, that doesn't mean that the consumer has turned its back on garden centres as an industry, as the UK media have suggested, or indeed that a business needs to sink...

"..The garden centre industry remains one with a bright, strong future. Blue Diamond is well-positioned as the most profitable and largest garden centre group in the UK, and it continues to prosper and grow as more garden centre businesses become distressed or are sold for family reasons...

"...I wish to thank the now 5,000 employees who collectively make the difference and help build the company DNA that makes us the leading force in the industry."

Following publication of the Report and Accounts, Alan explained to GTN Xtra that some helpful facts will help to contextualise the profit statement: "Our EBITDA in 2024 was a sizeable £34.8m, we have low debt levels, and our gearing at year-end was just 17%.

"The big difference between our profit of £21.9m and our EBITDA of £34.8m  is not due to debt servicing but to our depreciation of £9.5m.

"Unlike other larger groups, we invest heavily in our sites. For example, in 2023, we spent £11m on refurbishment projects 2023 and £12.5m in 2024; in doing so, we futureproof our sites and deliver a first-class experience for our customers."

Read the full Blue Diamond Report and Accounts for 2024 using this link