Supplier of decorative curtain, blind and upholstery fabrics, Fryett’s Fabrics, has reported a growth in turnover and profit.
According to its latest filed accounts for the year ended 28 February 2022, total sales rose 28% to £19m from £14.9m in 2021.
Gross profit increased from £4.3m to £6m, while pre-tax profit resulted at £4m, up from £2.6m recorded the previous year.
Stated within its report, the business said UK sales grew 28% to £17.8m from £13.8m, while EU sales slipped 6.5% to £775,000 from £829,000. Sales outside the EU increased 59.7% to £452,000 from £283,000.
The company added that the growth in turnover was mainly due to the relaxation of Covid restrictions in the UK, which had negatively impacted sales in the previous year.
“The margin on sales to large customers has reduced due to a range of cost pressures, notably substantial increases in both raw materials and transport costs. However, we have managed to further increase our market share of cut length products, where the margin is less compromised. As a result, the gross profit margin has improved by 2.6%,” the business said.