Insider Media Limited

A hike in the number of boot sales has been attributed in part to rocketing profits at cult brand Dr Martens. Directors of the Wollaston, Northamptonshire-based business also said growth across Asian markets helped tip profits from £7m to almost £17m over the year.

R Griggs Group said volumes increased by 27 per cent across Asia, and added it had further expansion plans for the continent in the pipeline.

But despite the boost in profit, R Griggs' estimated that "significant growth in the current year will be difficult to achieve".

The Dr Martens brand is owned by holding company R Griggs Group. It designs, develops, markets and distributes the popular footwear brand across the world.

In the year to 31 March, the company secured a post-tax profit of £16.9m, compared with its 2010 result of £7m.

The profit was secured on a higher turnover than was recorded in 2010 – revenue rose from £82.9m to £110.2m.

At its year-end, the company also had more cash at the bank and in hand, having risen by £1.7m to £5.3m.

Directors of R Griggs Group attributed the boost to "more boots being sold" in the UK than in previous years, although the company said retail conditions were difficult over the year on the domestic side.

Across the UK and the US markets, the directors said they expect economics and trading conditions to "remain difficult for the foreseeable future".

The USA remains the brand's largest single market, accounting for 42 per cent of the revenue, but this is down from 45 per cent in 2010. E-commerce and Dr Martens' own stores produced a 22 per cent hike in local currency revenue.

Conversely, Dr Martens' sales in Asia "grew strongly", the company reported. R Griggs' directors said that export revenues to the continent contined to grow, with volumes boosted 27 per cent over the year. It said it would target growth in China among other places in the coming years.

Over the comparing year, Dr Martens is set to focus on "original" and higher-margin products to improve profitability. More stores are set to open in the US, UK and Asia, with a number of leases already secured, the company confirmed.