Circuit Laundry increased its profits by 91 per cent last year to £3.8 million

Rinsing students > rinsing clothes

Uni washing service provider, Circuit Laundry made a £3.8 million profit last year, up a massive 91 per cent from the previous year.

The company, which provides washing and drying machines for thousands of students throughout the UK, increased its revenue from £25.7 million in 2020 to £26.3 million last year, its most recent accounts, published on the government website, show.

Previous accounts show its uni washing service makes up for approximately a quarter of the company’s revenue.

The cost to use Circuit Laundry machines varies between different campuses. Some students say they pay much as £6 to wash and dry their clothes.

Circuit Laundry Profit

Circuit Laundry has no plans to stop profiting from students. In their annual report, auditors wrote: “The Board has plans to grow the business significantly, both in terms of revenue and profitability, through organic growth within its existing core market segments and through acquisition.”

The company paid out £859,000 to its directors. Between the five directors that works out as an average of £171,800 each. However, this figure is markedly down on 2020 when the directors were collectively paid just shy of £1.5 million for their work.

A significant reason for the upturn in Circuit Laundry’s performance can be explained by the Covid-19 pandemic. Despite its previous annual report warning of “uncertain economic conditions”, the impact of the pandemic on Circuit Laundry profit in 2021 was less severe than anticipated.

Their annual report shows losses of £25,000 due to the pandemic, a fraction of their overall £26 million revenue.

Circuit Laundry profit

However some students have pushed back against the cost to use Circuit Laundry. The Tab spoke to a Southampton fresher in 2020 who said she saved £100 in a single month when she switched to washing her clothes in the shower and it appears she’s not the only student getting creative.

Circuit Laundry TikTok is booming with students sharing their frustrating experiences using the machines. While some have opted for the no-nonsense method of buying a clothes rack instead of using the Circuit Laundry dryers, others have gone as far as to buy portable washing machines to avoid Circuit Laundry.

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