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I don’t believe the lockdown was the reason, not the main reason, at least. I say that because I went through their annual reports since 2014 (Rountree replaced Kirby sometime in 2015, August I believe). These are some graphics I built based on that information:
Their reveneue has been in constant growth almost since he did a full year running the compan, and was slowing down slightly in the last annual report, which was produced right when the pandemic’s first wave was in full swing.
The year to year variation in growth rate was down in 2018/2019 and 2019/2020, most likely due to the fact that it had soared 2 years running, more than doubling what it was with Kirby. This was in pre-pandemic times.
Their pre-royalties received profit was soaring as well, and following a similar trend.
I took a look at the last 6-month report (late November 2020). That showed and increase in sales and profit compared to the corresponding report published in late October 2019 (also a 6-month report), about a 26% increase in revenue and a 71% increase in operating profit – one such huge increase in profit in a similar 6-month report had occurred prior, in November 2017 report, where they had increased profits 3-fold!!!
So while I do agree that the lockdowns all over the place have had some effects in their revenue, they most definitely are not the whole story.
