Manufacturer and supplier of beds, headboards, upholstery and converted foam products, Airsprung Group, has reported a return to profit as sales continued to grow.

According to its latest filed accounts for the year ended 31 March 2023, total sales rose 2.4% to £29m from £28.3m in 2022, adding to its growth of 7.1% from £26.4m in 2021. Beds sales represented £22.9m, up 0.4% from £22.8m year-on-year.

Pre-tax profit resulted at £7.2m, significantly improving from its loss of £1m recorded in the previous year.

Stated within its report, the group said: “The financial year being reported on was challenging in many ways and continued to reflect the impact of higher than historic levels of raw material costs and a general slowdown in demand from consumers as the cost-of-living crisis began to bite.

“The changes to the management structure that took place in the previous period have provided us with a highly capable and professional team right across our business. This has resulted in a considerable uplift in our operational and commercial competences thus attracting new and exciting product development with existing customers and attracting new customers. Several significant product launches over the coming months will go some way to mitigate the general lacklustre performance of the overall market.

“In looking at new areas of revenue, we have been working in partnership with a major national furniture retailer to develop what are termed ‘motion beds’ that are targeted at both luxury and health sector. This is a major product for the business and if successful would provide potentially significant income from an entirely new source.

“In another area of the business, we have partnered with a leading grocery retailer to develop a range of mattresses that utilise wool harvested from their suppliers’ farms to build a more sustainable range of products. Again, this is an entirely new income source.

“We completed a significant capital investment programme that encompassed the installation of state-of-the-art packaging and other production equipment. Consolidation of bed manufacturing onto one site, from two, was also completed leading to improvements in efficiencies and a reduction in operating costs.”

Airsprung Group includes brands Airsprung Beds, Swanglen Furnishings, Hushabye, Gainsborough, Cavendish Upholstery, Airofreem and Arena Design.