National Trust’s commercial arm records financial growth

The National Trust's commercial arm has posted strong financial results in its latest annual report following a string of staff cuts and shop closures.

The National Trust (Enterprises) Ltd, responsible for carrying out commercial trading to generate income for the National Trust, saw its turnover more than double from £26.2m in 2020/21 to £55.4m for the year ending 28 February 2022.

Its net profit was £11.7m, up from a £3.8m loss in 2020/21.

The results follow a restructure in its retail operations during the height of the pandemic in 2020/21, which saw staff numbers cut by 20% (equating to a £5.4m saving in staff costs) and the closure of 70 shops to "focus on a core retail estate of more profitable stores".

Sharon Pickford, National Trust Director of Support and Revenue and a Director for National Trust (Enterprises) Ltd, said the charity "had to make some tough choices to reduce [the] cost base to ensure we were able to weather the storms ahead".

"In 2021/22 we made a good recovery as our places started to reopen, however, we remain under our 2019/20 income by around £23m due to the current external climate."

The company’s annual report says visitor numbers increased by around seven million in 2021/22 compared with the previous year, with spend per visitor also recovering.

Spend per visitor rose from £1.06 to £1.45, while retail turnover increased by £17.3m, resulting in a £2.1m retail profit.