Sales and profit in the UK's textiles sector have shown growth, despite ongoing market challenges. The latest financial results for the year ending 31 March 2024 indicate a 4.3% increase in total sales to £20.3m, compared to £19.4m in the previous year.
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Flooring textiles manufacturer Phoenox Textiles reported a pre-tax profit of £3m, up from £2.5m in 2023. The company stated that sales 'have remained strong,' and despite industry-wide cost pressures, it maintained a gross profit margin of 46.2%.
Cash reserves remained stable at £5.5m, and the company continued investing in future growth. While acknowledging ongoing market challenges, the directors expressed confidence in sustained growth in the coming years.
Source: www.bigfurnituregroup.com