Fabric supplier Panaz has reported another growth in sales as revenues climbed towards £20m.

According to its latest filed accounts for the year ended 31 March 2023, total sales rose 15.3% to £19.5m from £16.3m in 2022, adding to its previous growth from £13.4m in 2021.

UK sales were up 16.1% to £14.2m from £12.4m, while EU sales rose 14.2% from £3.5m to £4m. Rest of the world sales increased 60.5% to £1m from £623,000.

Pre-tax profit resulted at £1.4m, down from £1.7m recorded the previous year.

Stated within its report, the company said: “At Panaz we continue to invest in research and development in innovative products and processes that set a benchmark within the industry. There are a number of ongoing projects within the business that require significant investment and will provide Panaz advantage in the future. We continue to invest in the latest digital technology to enhance the speed of manufacturing and the variety of designs we can offer.

“We have increasingly invested in our physical and systems infrastructure at Panaz and are now able to promote the best lead times in the contract industry. Sampling is an important part of the Panaz customer service proposition.

“Over 10,000 individual samples are shipped on a weekly basis worldwide. Recent investments in sampling order inputting is resulting in more information gathered to aid sales and stock inventory decisions. The investment in new machinery and staffing in this area has allowed us to facilitate the growth in existing and new markets.”