Pringle of Scotland's losses continue
The directors of luxury knitwear brand Pringle of Scotland have said they are "satisfied" with the company's future prospects, despite racking up a £5m loss for the third year in a row.
In accounts lodged at Companies House, the firm posted a loss of £4.94m on turnover of just over £5m in the year to 28 January 2017.
That followed losses of about £5.1m in both 2015 and 2016.
Pringle cited costs associated with the long-term development of the brand.
It said last year's loss was offset by an increase in share capital of £5m following a further injection of funding by parent company Pringle Enterprises Ltd.
The board added: "Direct retail development in both the UK and overseas is a key focus for the business in the short and medium term along with the development of alternative distribution channels such as e-commerce and selected licensing partnerships.
"At the same time, emphasis upon managing cost control has continued.
"The directors are not expecting to report operating profits in the short term but are satisfied that the development of the brand and of the business are progressing in line with their long term strategic objectives."
Pringle of Scotland was founded more than 200 years ago.
By the 1980s it had became a household name and a popular brand among golfers and football casuals. However, it went on to suffer a steady decline as fashions and markets changed.
In 2000, the loss-making brand was sold to the Hong Kong-based Fang family and the end of production in Hawick followed.