Fitted furniture firm sees UK sales jump 30%; demand expected to soften

Fitted furniture manufacturer Crown Imperial has reported a surge in sales as turnover jumped by over £14m.

According to its latest filed accounts for the year ended 31 March 2022, total sales rose 27.6% to £66.9m from £52.4m in 2021.

UK sales rose 29.9% to £63.8m from £49.1m, while exports declined slightly from £3.3m to £3.1m.

Gross profit increased from £11.6m to £15.1m, while pre-tax profit resulted at £1.7m, up from £1.5m recorded in the previous year.

Stated within its report, the company said that it has managed the ongoing supply chain issues and disruptions through its diverse product portfolio and forecasts a dampening in demand for the year ahead.

“Our diverse portfolio of products has meant that we have been able to take advantage of opportunities to supply our customers with alternative products when their originally requested product was not available, and we would like to thank them for working with us to find the best solutions in as many situations as possible.

“Customer demand has been broadly resilient during the period since the year end but as we had anticipated, once global travel restrictions started to be eased, consumer focus began to shift away from home improvement and towards holidays. This situation has subsequently been exacerbated by the very significant price increases which have been passed through as a result of events in Ukraine.

“These price increases, combined with increased mortgage interest rates and the wider cost of living pressures, are expected to dampen demand throughout our industry for some time.”

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