Fibres manufacturer International Fibres Group (IFG), which supplies a variety of industries including furniture and flooring, has reported a slight sales growth within its UK division.
According to its IFG Drake’s latest filed accounts for the year ended 30 June 2022, total sales rose 1% to £29.9m from £29.6m in 2021.
Gross profit increased from £2.3m to £4.1m, while pre-tax profit resulted at £2.3m, up from a loss of £0.7m recorded in the previous year.
Stated within its report, the company said that following a restructuring in the prior year and the move to one production site in Golcar, volumes were significantly reduced and were also behind budget. Raw material prices continued to rise throughout the year, reaching record highs, which increased both sales values and material costs.
International Fibres Group (IFG) is one of Europe’s leading independent producers of polypropylene-based staple fibres, an input product with reinforcing, insulating, separating or draining properties. The fibre is used in the production of flooring, rugs, furniture, filters, foodstuff packaging, car interiors and nonwoven fabrics. IFG has production facilities in Belgium, the United Kingdom and Austria.