Commercial floorcoverings manufacturer Polyflor has reported growth in sales as turnover surpassed £170m.
According to its latest filed accounts for the year ended 30 June 2022, total sales rose 14% to £172.3m from £151.6m in 2021. Pre-tax profit resulted at £33.1m, up from £31m recorded in the previous year.
UK sales rose 12% to £110.5m from £98.3m, while EU and Scandinavian revenues rose 10% to £27.6m from £25m. Rest of the world sales increased 21% to £34.2m from £28.2m.
Polyflor, part of the James Halstead Plc group, said: “There was continued growth in the heterogeneous ranges manufactured by Riverside Flooring at Teesside, and a falloff in certain of the ‘older’ ranges manufactured in Radcliffe. Overall, volumes were maintained.
“Output was increased as we returned to a situation of being able to run all production lines, albeit with continued absenteeism levels that are above the ‘normal’ levels that existed prior to the Covid pandemic.
“We made several price increases during the year across our ranges and across all markets (to pass on rising costs). This continues to be the case after the year end.”
More recently, staff at Polyflor agreed and accepted a new deal over a continued pay dispute, bringing an end to strike action. Members of the GMB trade union, which represent around a third of Polyflor staff, accepted the company’s offer of a 9% pay increase at a ballot with 107 members voting in favour of the offer against 17 votes, which took place in December 2022.
The pay increase has been agreed for the next 12 months and the offer includes two lump sum ‘cost of living payments’ of £660, with the first paid before Christmas and the second in January 2023. The agreement is a compromise from the union’s original demand of a 10% pay rise but brings an end to worker strikes which took place over the last few months.