Customer changes impact soft furnishings supplier

Soft furnishings supplier Rapport Home Furnishings has reported a reduction in sales and profit.

According to its latest filed accounts for the year ended 30 April 2023, turnover declined to £5.2m from £13.3m against an 18-month period.

Pre-tax profit resulted at £45,000, down from £1.2m recorded in the previous year.

Stated within its report, the company said: “During the period turnover reduced, which is still considered to be lower than expected, mainly due to the ongoing changes in customer base and the pressures of the cost-of-living crisis in the UK.

“This has resulted in a gross profit of £1,384,457 (18-month period to 30 April 2022: £3,570,813) in the period, as margins on sales has reduced due to its change in customers. The company’s administrative expenses have continued to decrease from last year which has resulted in a profit before tax (in relation to turnover) of 1% (18-month period to 30 April 2022: 8.9%).

“The company has increased its reserves at the end of the year. The directors were satisfied with the position of the company at the year end.”

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