Luxury apparel maker Mulberry Group Plc has posted a pre-tax profit of £41,000 for fiscal 2003, up from a pre-tax loss of £2.1 million in the year prior.

In a statement, the Bath-based company said it broke its loss-making pattern by focusing on its core accessories business, improving margins, reducing costs and eliminating non-profitable assets.

For the current fiscal year, the company said it would aim at reducing borrowings and restoring its balance sheet.

Mulberry is set to launch in the United States this year through an alliance with retailer Bergdorf Goodman.