British luxury bed brand Savoir Beds has reported a growth in both turnover and profit.
According to its latest filed accounts for the year ended 31 December 2021, total sales rose 18% to £10.1m from £8.6m in 2020.
Gross profit increased from £5.5m to £6.7m, while pre-tax profit resulted at £1.3m, up 69% compared to its profit of £768,000 recorded the previous year.
Stated within its report, the company said that gross margin increased to 67% from 64%, while recognised revenues did not match order intake due to shipping delays to Asia and the US. However, sales did grow strongly on a ‘weak 2020’, which resulted in a ‘bigger than usual order book going into the new year’.
During the period, Savoir Beds continued to invest, which included the opening of its flagship showroom in London’s Mayfair, replacing its Marylebone space.
“We believe the pandemic has sped the process of an online shift, the very best retail locations will remain strong while other, less prime, locations will suffer,” the company said, adding: “Mayfair represents the pinnacle of London’s retail offering and the showroom is performing very well.”