Carpet maker forecasts £12m sales spike

Carpet manufacturer G-Tuft has reported a slight decline in turnover as losses widen.

According to its latest filed accounts for the year ended 3 April 2021, total sales fell 9.6% to £20.9m from £23.1m in 2020.

Gross profit reduced from £770,000 to £380,000, while pre-tax losses resulted at £306,000, widening from a loss of £212,000 the previous year.

G-Tuft, which primarily manufactures wool based carpets for UK brands of parent company Victoria PLC, said in its report that the decline was partly driven by an 11-month reporting period to fall in line with its parent company.

On a comparable 12-month period, sales are estimated to be down by 1.3%.

Looking ahead to 2022, sales are forecast to reach £33m with a net profit of £500,000.

“This improvement is driven by sustained focus on cost control and productivity and increasing units through the factory,” the company said.

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