Moffett and Sons, the privately-owned manufacturer and wholesaler of living, dining, and bedroom furniture, reported a net loss of £379,779 for the financial year ending March 31, 2024, after previously posting a profit of £223,086 the year prior. The decline was attributed to one-off costs related to replacing an asbestos roof, which accounted for nearly half of the total £600,000 expense.
Photo: Balmoral Home Furniture.
Turnover for the year fell by 16 percent to £8.5 million, impacted by challenging market conditions. With three months remaining in the 2024/25 financial year, Moffett and Sons expects to maintain turnover and return to breakeven, thanks to ongoing control over its overheads. The remaining costs associated with the roof replacement are set to be accounted for in the current financial period.
Despite the net loss, the business successfully maintained cash reserves above £2.2 million, in line with the previous year, due to a reduction in year-end receivables. Net assets totalled £4.9 million (2023: £5.1 million) for Balmoral Furniture, which supplies both residential and contract markets across Ireland and the UK.
Balmoral Furniture continues to navigate a challenging marketplace, aiming to stabilise its position and achieve breakeven moving forward.
Source: www.thefurnishingreport.com