An office furniture manufacturer has reported a drop in sales, though pre-tax losses have significantly narrowed compared to the previous year.
Newport-based Bisley saw total sales fall by 9.4% to £61.7m for the year ending 31 July 2024, down from £68.1m in 2023. Despite this, pre-tax losses reduced to £132,000, a notable improvement from the £6.6m loss recorded the previous year. The 2023 figure had included an exceptional energy contract cost of £4.5m and a £0.4m employee ownership trust bonus commitment.
UK sales increased slightly by 1% to £30.9m, up from £30.5m. However, sales in the European market declined from £23.6m to £21.5m, while revenues from the rest of the world saw a significant 33.2% drop, falling from £13.8m to £9.2m.
In its report, the company attributed the decline to 'lower subsidiary trading in difficult overseas markets,' while noting that UK sales had remained stable.
Source: www.bigfurnituregroup.com