Adairs returns JobKeeper subsidies as profits rise threefold

Sue MitchellColumnist

Feb 16, 2021 – 9.26am

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Key Points

Revenue ($m) 243, up 34.8pc from year-earlier 180.3
Pretax profit ($m) 63 v 19.9
Net profit ($m) 43.9 v 13.2
Interim dividend 13c, payable on March 25

Manchester retailer Adairs has returned $6.1 million in JobKeeper benefits after its interim profits rose more than threefold, but it is keeping the bulk of the $22 million in wage subsidies it received in calendar 2020.

Chief executive Mark Ronan said JobKeeper had enabled Adairs to support team members and stimulate the economy, but given the company’s performance it was appropriate to hand back $6.1 million of the $10.7 million received in July-December.