Bed manufacturer Silentnight Group has reported a growth in sales as turnover increased by more than £10m.
According to its latest filed accounts for the year ended 29 January 2022, total sales rose 9.7% to £121.6m from £110.8m in 2021.
Gross profit decreased from £34m to £33.7m, while pre-tax losses amounted to £7.1m, widening from a loss of £1.2m the previous year. However, on an EBITDA basis, profit resulted at £8.3m, up 23% from £6.8m.
Stated within its report, the group, which changed ownership during the period following Kiboko Bidco Limited acquiring the company for a sum of £30.4m, said that pent up demand boosted sales following the pandemic as their order book continued to build throughout the year. As for online, this sector proved to be more resilient with consumers turning to online retailers during the period.
The increase in EBITDA was primarily due to reduced administrative expenses, while losses rose due to a settlement of a legal case with the Pension Regulator, which resulted in a final one-off agreement of £13.1m. This was settled by the former owners of the company.
Looking ahead, Silentnight added: “Challenges facing retail, the economy and the UK bed market will remain during the rest of 2022 and into 2023, but the strategy in place, innovations in development and ongoing investment in products and marketing, will drive improved sales and profitability from continuing operations.”