Bed manufacturer grows sales and returns to profit

Bed manufacturer Silentnight Group has reported a growth in sales and a return to profit.

According to its latest filed accounts for the year ended 28 January 2023, total sales rose 2% to £114m from £112.1m in 2022.

Pre-tax profit resulted at £6.3m, improving from its loss of £7.1m recorded the previous year. On an EBITDA basis, profit resulted at £8.8m, up 5% from £8.3m.

Stated within its report, the group said: “Turnover has increased despite the consumer market experiencing some softening, the commercial sales grew due to new contract wins. This has also helped drive an increase in EBITDA and an increase in the average number of employees – up 2% to 735 staff.

“Profit after tax increased by £16m, however the prior year included £13.1m exceptional cost due to the final settlement of a legal case with the Pension Regulator in relation to a historical legal claim that was resolved in March 2021.

“The company’s ‘quick ratio’ has increased by 22% due to the working capital impact of the new hospitality contract.”

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