Fabric supplier Panaz has reported a growth in sales and a consistent profit.
According to its latest filed accounts for the year ended 31 March 2022, total sales rose 21% to £16.3m from £13.4m in 2021.
UK sales were up 29.1% to £12.4m from £9.6m, while EU sales fell slightly from £3.4m to £3.3m. Rest of the world sales increased 127% to £623,000 from £274,000.
Gross profit increased from £5.5m to £6.7m, while pre-tax profit resulted at £1.4m, consistent with that recorded the previous year, registering an increase of 1.5%.
Stated within its report, the company said: “Panaz continues to invest in research and development in innovative products and processes that set a benchmark within the industry. We have recently created new trademarks in Shieldplus by Panaz, an antimicrobial fabric finish and topical cleaner, and Arma, a new stain resistant and flame-retardant finish for polyester upholstery.
“We continue to invest in the latest digital technology to enhance the speed of manufacturing and the variety of designs we can offer. In addition to new machinery, we have launched an online platform branded as ReMake. An industry first digital platform, that allows pre-registered customers the opportunity to re-colour all Panaz designs from the product portfolio. In addition, the platform provides the software to upload designs to print directly on Panaz digital machinery. This investment in digital automation will offer significant opportunities in the future.”