A leading home and office furniture company has reduced its net loss to £328,000 from £5.5 million in the financial year ending 31 July 2024, despite a 9.4 percent drop in revenue to £61.7 million.
The UK-based manufacturer, Bisley, saw domestic sales increase by 1.0 percent, but revenue declined in mainland Europe by 9.0 percent and by 33.0 percent in other international markets.
The company benefited from a 730 basis point rise in gross margin to 28.1 percent and a £3.1 million gain from selling surplus property. The disposal of unneeded assets generated £6.6 million in cash, exceeding the firm's trading cash burn.
As a result, total cash reserves rose to £10.46 million, up from £9.8 million in the previous year, while net assets remained stable at £35.6 million.
Source: www.thefurnishingreport.com