A UK supplier of soft furnishings has reported a decrease in sales, but a notable increase in profits for the year ending 30 April 2022. Turnover fell by 9.6%, from £5.2 million in 2023 to £4.7 million, while pre-tax profit surged to £529,000, a significant rise from £45,000 the previous year.
The company, Rapport Home Furnishings, highlighted a strategic investment aimed at enhancing its UK warehouse infrastructure and capabilities. This initiative is designed to improve capacity for a growing e-commerce and omnichannel customer base that demands automation, real-time information, and next-day delivery. Rapport aims to position itself as a leader in both e-commerce and nationwide store fulfilment.
Photo: Rapport Home Furnishings.
Despite the decline in turnover, attributed to shifting customer demographics and the pressures of the UK's cost of living crisis, Rapport has effectively managed administrative expenses. This resulted in a profit margin before tax of 16%, a significant improvement from just 1% the previous year. The company also increased its reserves by the year-end, and the directors expressed satisfaction with its overall position and strategic direction as it aims to lead in the e-commerce and fulfilment sectors.
Source: www.bigfurnituregroup.com