Sanderson Design Group PLC, the luxury interior design and furnishings group, has announced its financial results for the six months ended 31 July 2024. Total sales fell 11% to £50.5 million, down from £56.7 million in 2023. This downturn is attributed to a challenging market in the UK and other regions, although growth was achieved in North America.
Specifically, UK sales dropped 14% to £16.7 million, while Northern Europe revenues decreased 6% to £4.8 million. In contrast, North American sales rose 4% to £11.1 million, highlighting a divergence in performance across markets.
Dianne Thompson, Sanderson Design Group's Chairman, says, 'We remain focused on the strategic growth opportunity of North America, on careful cost control, and on implementing strategic changes to respond to market conditions and to position the Company for future growth. Licensing has continued to perform well with a number of new contracts signed in the current half, including an agreement between Ruggable and the Sanderson brand and a two-year extension with Bedeck.'
Photo: Sanderson Design Group.
She continues: 'Trading conditions at the start of the second half have been more challenging than expected in almost all territories, particularly in the UK and Northern Europe. Total brand product sales for the first eight months of the current financial year are down 10%, which compares with down 9% for the first 22 weeks of the financial year as announced on 27 June 2024. Delivery of the Board's expectations is reliant on a projected improvement in trading during the remainder of the financial year, which includes our important pre-Christmas selling period.'
Operational highlights
Several highlights of the Group include a licensing agreements signed, including two major renewals with window coverings company Blinds2go and rugmaker Brink & Campman, along with multiple other agreements with large retailers and category specialists. At the same time, an important collaboration was signed with The Huntington Museum in California, in which the Group will launch wallpapers and fabrics based on unfinished work by William Morris.
There has been a continued emphasis on the Group's US strategy: Relationship with Kravet Inc. further strengthened with an agreement for Kravet Inc. to distribute the Scion brand. Also, an increasing traction in US licensing agreements, including a newly signed agreement with Ruggable LLC for the Sanderson brand.
The group also reported the recent appointment of an SVP of sales, and exciting product launches in the year to date, including the Sanderson's Giles Deacon collection, two collections from Morris & Co., and the recent launch of the Henry Holland x Harlequin collection.
More information:
Sanderson Design Group
www.sandersondesign.group