A mobility furniture retailer based in Braintree saw its profits increase nearly six-fold in the year leading to March 31, 2024. The company reported net earnings of £3.05 million, a significant boost compared to the previous year, alongside a 15 percent rise in revenue to £65.5 million. This positive performance follows a challenging period in 2023, when a fire destroyed its previous head office.
Photo: CareCo.
CareCo, the retailer in question, experienced this growth with support from an additional £5.8 million in operating income, primarily from insurance claims. The company received £19.5 million in insurance money over the financial year, which covered stock losses and helped fund infrastructure improvements for its new 120,000sqft office and warehouse. CareCo successfully relocated to the new facility by February 2024 and resumed full marketing operations at the same time.
The company's financial position improved with £8.4 million in cash and net assets of £11.7 million, compared to £2.4 million and £8.8 million the previous year. Looking ahead, CareCo plans to open four new showrooms during the current financial year, with a new store in Chester scheduled for April 11, 2025. It currently operates over 30 stores across the UK.
Source: www.thefurnishingreport.com