Manufacturer and supplier of beds, headboards, upholstery and converted foam products, Airsprung Group, has reported widening losses despite a growth in sales.
According to its latest filed accounts for the year ended 31 March 2022, total sales rose 7.1% to £28.3m from £26.4m in 2021. Beds sales represented £22.8m, up 2.7% from £22.2m year-on-year.
Gross profit increased from £4.2m to £5.2m, while pre-tax losses resulted at £1m, widening from a loss of £379,000 recorded in the previous year.
Stated within its report, the group said it continued to be impacted by the pandemic, the war in Ukraine and other supply issues including rising raw material costs. Airsprung added that these costs, other than energy prices, have “largely plateaued” over recent months with the expectation that input prices will be “relatively stable in the new financial year”.
During the year, the company secured a significant new licensing agreement for the manufacture and distribution of healthcare orientated mattresses to the bed sector, which has provided an uplift in sales. Alongside this, a major reformatting of its bed ranges was implemented with a focus on environmental considerations, creating a “highly exciting and commercial proposition”.
Furthermore, its sofa-bed and upholstery interests have seen significant developments, expanding its footprint with several of its existing customers. “In order to create new revenue streams, we have initiated entirely new activities, being the importation and wholesaling of sofa beds to supplement our own manufactured product,” the group said.
Airsprung has also committed further investment in a state-of-the-art auto packaging system for mattresses, which is expected to increase productivity and business efficiencies. Meanwhile, significant new product development for its upholstery products has resulted in new listings with a major national retailer and also driven “very strong sales through our partner retail group”.
Airsprung Group includes brands Airsprung Beds, Swanglen Furnishings, Hushabye, Gainsborough, Cavendish Upholstery, Airofreem and Arena Design.
