Northern Ireland manufacturer of luxury carpets, Ulster Carpet, has reported a growth in sales as turnover climbed towards £70m.
According to its latest filed accounts for the year ended 31 March 2022, total sales rose 26.3% to £68m from £53.8m in 2021.
Gross profit increased from £21.1m to £27.8m, while pre-tax profit resulted at £7.9m, up from £1.3m recorded in the previous year.
Stated within its report, the company said that the UK and EU contract markets were slow to begin with but showed strong activity during the remainder of the year. The US market performed very well, while domestic retail sales were ‘remarkably strong’ reflecting the ‘national appetite for home improvement’ demand seen through the pandemic.
“Operations were appropriately reduced in response to the pandemic but with demand coming back strongly, 2022/23 will see a period of rebuilding capacity with the commissioning of new weaving technology in our Portadown HQ and in our factory in the NE of England,” the company added.
“It will take 12-18 months to really see the benefit of this investment and we expect profitability to be affected in the short term as we wait for new capacity to come on stream.”