Joules to increase prices in bid to boost profits amid surging costs

Sign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Sign up to our Brexit email for the latest insight SIGN UP I would like to be emailed about offers, events and updates from The Independent. The firm said profits were weighed down by “global supply issues” which resulted in stock delays, extra Brexit-related taxes and duties and local labour shortages. In its latest update, Joules said it “recognises the need to take actions to improve profitability” and confirmed a number of measures. Joules added that it has kept prices flat for recent seasons but is “now increasing them, where necessary, to reflect the industry-wide increases seen in raw materials, production and freight costs” and expects further price rises for autumn and winter stock. Chief executive officer, Nick Jones, said: “Whilst we acknowledge that there are areas within the business where we need to simplify our operations and improve profitability, we remain very excited in our long-term growth prospects.