A luxury handmade kitchen furniture business has reported a positive financial turnaround, returning to profit despite facing supply chain disruptions and high fitting costs.
For the financial year ending 31 March 2024, Martin Moore reported a slight decline in total sales, falling by 1.8% from £10.9m in 2023 to £10.7m. However, the business recorded a pre-tax profit of £227,000, a significant improvement from the previous year's loss of £100,000.
The company attributed the profit recovery to the stabilisation of various costs throughout the year. Nevertheless, it acknowledged that supply chain issues persisted, leading to extended lead times for appliances. This situation increased fitting costs due to the necessity of return visits to clients. The company noted that these costs are now decreasing.
The report also highlighted a strategic shift in the company's operations. In May 2023, the firm closed its Fulham showroom, which had been planned since the opening of its flagship showroom in Notting Hill. The successful implementation of a marketing campaign has reduced the company's reliance on direct walk-in business, diminishing the need for multiple showrooms.
The company remains cautiously optimistic, focusing on maintaining profitability despite ongoing challenges within the luxury kitchen furniture sector.
Source: www.bigfurnituregroup.com