The commercial arm of the National Trust cut staff numbers by 20 per cent as it bounced back from Covid-19 to post an £11.7m surplus.
The National Trust (Enterprises) Ltd also saw turnover more than double from £26.6m in 2020/21 to £55.4m in the year ending 28 February 2022, according to its annual report and accounts.
The company carries out commercial trading to generate income for the NT, including:
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The sale of gifts and souvenirs at shops in in more than 100 NT properties
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Commercial partnerships including sponsorship, product licensing and affinity marketing
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The NT raffle
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Other activities and services, including weddings, campsites, filming rights and advertising revenues.
The report said the company restructured its retail operations during Covid in 2020/21 to “focus on a core retail estate of more profitable stores”.
That is reflected in a sharp reduction in the number of retail staff, from 622 to 503, and in the cost of staff, from £19.4m to £14m.
The report said the financial impact of Covid-19 in 2020/21 was “severe” and persisted into summer 2021/22.
It added: “However, National Trust visitor numbers were about seven million higher in 2021/22 than in the prior year, with spend per visitor also recovering.”
That spend per visitor rose from £1.06 to £1.45, while retail turnover increased by £17.3m, resulting in a £2.1m retail profit.
At the same time, food and drinks, the national raffle and events produced a combined £4.2m profit, while camping, film and location fees made £3.2m.
Net profit was £11.7m – up from a £3.8m loss in 2020/21.
Company secretary Jo Cooke said: “The company, in conjunction with National Trust, will continue to develop its strategy in order to ensure that it complements the brand and identity in its products and services.
“In addition to this, the company’s diversification of income in the areas of events, corporate partnerships and licensing and non-visitor dependent and outdoor offerings present opportunities for growth and profitability.”