Luxury British bedmaker Harrison Spinks has reported a growth in sales as turnover climbed towards £50m.
According to its latest filed accounts for the year ended 26 June 2022, total sales rose 24.6% to £47.1m from £37.8m in 2021. Pre-tax profit resulted at £909,000, up from £443,000 recorded in the previous year.
UK sales rose 24.9% to £45.1m from £36.1m, while EU sales increased from £1.5m to £1.7m. Revenues from the rest of the world registered an uptick of 108% to £234,000 from £112,000 year-on-year.
Stated within its report, the company said its UK business delivering strong growth, driven by high demand and the introduction of new retail partners.
“Export sales were more challenging due to the ongoing Covid impact and supply chain challenges, but our entry into the US market is now showing significant growth opportunities,” the business added.
During the year, Harrison Spinks widened its product offers, with particular emphasis on its premium end, which included the launch of its foam-free, fully recyclable New Dawn premium collection. The company also appointed Dr Louise Ellis-Jones as a non-exec director to help develop its sustainability strategy.
Harrison Spinks also invested within its manufacturing processes to support future growth and improve efficiencies. “Our new Sky 300 high speed coilers are in production as a prototype machine, and this will massively increase the efficiency of our in-house pocket spring production.”
The business also transitioned its mattress ranges to its latest Cortec Quad pocket spring system, which has had positive feedback from customers to date.
Meanwhile, the components division of the group saw sales grow by 4.7% to £28.4m from £27.1m over the same period, but were down 44.5% compared to its budget set on back of a successful prior year. Pre-tax profit resulted at £1.1m, down from £1.6m.
“Raw material prices and shipping costs were significant during the year,” the group said, “resulting in the need to pass on prices to customers. Not being able to pass on these increases in full and in a timely manner to certain key customers, has resulted in an extremely poor financial result.”
UK sales rose 17.5% to £24.1m from £20.5m, while EU sales decreased from £3.2m to £1.5m. Revenues from the rest of the world registered were also down 21% to £2.6m from £3.3m year-on-year.
As part of the group’s ongoing innovation, it has developed Flexecore – a glue free, ecospring system which is enabling the mattress and upholstery sectors to use its new technology to replace non-sustainable materials and forms part of its ongoing sustainability commitment.
Total Spinko group sales for the period stood at £57.7m, up from £50.6m, with a pre-tax profit of £2.8m, rising from £2.5m the previous year.