Fabric manufacturer Mobus Fabrics has reported a growth in turnover and profit.
According to its latest filed accounts for the year ended 30 September 2021, total sales rose 15.6% to £23.9m from £20.7m in 2020.
UK sales were up 22.5% to £19.6m from £16m, while EU revenues increased 9% from £2.2m to £2.4m. Sales in Asia slipped 27% to £1.6m from £2.2m, while in the USA, sales rose 52% to £272,000 from £178,000.
Gross profit increased from £3.3m to £4.3m, while pre-tax profit resulted at £1.7m, up 132% from £732,000 the previous year.
Stated within its report, the company said that growth was down to increased demand following the pandemic and increased activity in its core UK market.
“Gross profit was better than anticipated due to lower stock losses, higher priced clearance sales and improved efficiencies from its new facility,” Mobus said.
Due to the longer lead times and supply chain issues, Mobus added that it had invested £2m in stock to ‘protect’ itself and customers.
Furthermore, the company has invested heavily in new developments, launching six collections since the year-end and another six planned to launch before of the end of 2022. As part of these, Mobus launch its first ever recycled polyester collection and has more sustainably designed fabrics in development.