Fabric manufacturer Mobus Fabrics has reported a slight decline in sales and profit.

According to its latest filed accounts for the year ended 30 September 2023, total sales fell 8.1% to £20.2m from £22m in 2022. Pre-tax profit resulted at £1m, down from £1.7m recorded in the previous year.

UK sales were down 4.3% to £17.4m from £18.2m, while EU revenues decreased 11% from £1.8m to £1.6m. Sales in Asia fell 50.2% to £846,000 from £1.7m, while in the USA, sales rose 125% to £413,000 from £183,000.

Stated within its report, the company said: “We are pleased to report another profitable year of operations. Margins remain consistent as we have successfully managed our costs throughout the year whilst mitigating any impact to our customers. Mobus USA, founded in June 2023 has traded well, delivering a small contribution to group overheads.

“Mobus China has delivered a strong growth in sales and contribution following investments in stock, FR technology and new sales and distribution routes. For the 12 months to September 2023 Mobus China achieved a post-tax profit of £281K. Total Group fabric sales have delivered a £1,113k profit, 22% down on the previous year.

“The fall in profit is due to increased overheads, in particular interest, exchange rate variances, energy and salary costs. Mobus remains in a strong market position, we are able to support all emerging opportunities with existing and new collections in a challenging market.

“As a group Mobus has invested in our China stock to reduce minimum orders, speed up developments and reduce waste within the supply chain. Mobus USA is trading well and helping to offer the best levels of service and quality, in that market. Mobus is on track with all its long term sustainability directives to not only improve what we do, but to also support all our customers and suppliers in making the right choices.”