Richard Costin, CEO of office furniture manufacturer Bisley remains optimistic about global growth despite facing a loss in its latest financial year. Bisley, headquartered in Newport, experienced a pre-tax loss of £6.66m for the year ending 31 July 2023, compared to a £1.9m profit in the previous period, with turnover decreasing from £78.1m to £68.2m.
Photo: Bisley
Directors attribute the decline in turnover to the impact of the Ukraine War on the group's overseas market. Additionally, the pre-tax loss included exceptional energy contract costs of £4.5m and £400,000 for employee ownership trust bonus commitments.
Costin acknowledges the challenging financial landscape, particularly due to the 'exceptional and onerous' utility contract following Russia's invasion of Ukraine, affecting product distribution to overseas subsidiaries. Despite this, Costin emphasizes Bisley's recovery in UK sales, with a strong order book, albeit experiencing a decline in sales to Europe and other regions due to geopolitical and economic challenges.
Costin highlights Bisley's commitment to innovation and diversification, including the opening of a second showroom in Dublin to capitalize on commercial opportunities and expand into global markets.
While storage products remain central to Bisley's offerings, Costin underscores the company's strategic diversification into sectors complementary to its core business, catering to corporate contracts and online consumers.
Source: www.insidermedia.com