The brand has yet to turn a profit after more than a decade in operation, but it was back on a growth trajectory ahead of the pandemic, according to accounts published Thursday.

Its revenue increased 7 percent to £38.3 million ($52.6 million) in 2019, compared with a 16 percent sales decline in 2018. Operating losses for the fashion division also narrowed slightly to £11.9 million, a 5.5 percent improvement on the previous year.

However, the company continued to lose money, pointing to costs related to the launch of its beauty line. The accounts showed a net loss of £16.6 million in 2019, widening from £12.5 million in 2018.

The group, which installed Marie LeBlanc de Reynies as its new CEO in September 2019, said it was finally on a path to profitability before the pandemic hit. But Covid-19 provided an unexpected roadbump in the brand’s turnaround plans.

To help mitigate the economic pressures of the crisis, the company received a £9.2 million cash injection from shareholders — part of which was used to pay off a £6.1 million bank loan in April. In response to the crisis, Victoria Beckham also implemented a hiring freeze, and, in September, the fashion brand restructured to help streamline the business and boost efficiency.

The company said it did not expect Brexit to have a “significant impact” on the group. Meanwhile, its new beauty brand has performed “strongly” this year according to the brand.