UK design-led specialist flooring company, AIREA plc, has reported a “year of progress” in its latest Annual General Meeting (AGM).
AIREA said that it has also started this year off strongly with sales for the four months to 30 April 2025 ahead of the prior year by 2.6%.
Martin Toogood, Non-Executive Chairman, commented at its recent AGM: “It is my pleasure to welcome you to the seventy-first AGM of AIREA plc. As Non-Executive Chairman, I am joined by Médéric Payne, Chief Executive Officer, Conleth Campbell, Chief Financial Officer and Company Secretary and Tanya Ashton, Non-Executive Director.
“Médéric continues to lead the Executive team with his extensive leadership, commercial, supply chain and marketing expertise and is supported by Conleth, who has more than 25 years of experience in public company environments where he has held senior finance positions, including experience in M&A, capital markets and investor relations.
“Tanya continues to provide her expertise on the subject of sustainability, which remains core to the Group’s strategy with a focus on advancing the circular economy.
“I am pleased to report a year of progress in 2024, against a backdrop of economic and geopolitical challenges. Although there was a strong start to the year, the Group experienced an unforeseen slowdown in the second quarter. Strong sales growth of 6.0% in the second half resulted in a full year revenue of £21.2m, an increase of 0.6%, with an underlying operating profit of £1.6m. The Group is proposing a dividend of 0.6 pence per share, an increase of 9.1% and aligned with its progressive dividend policy.
“Following the latest triennial valuation of the defined benefit pension scheme, the Group and the scheme’s trustees agreed on a reasonable and affordable recovery plan to address the scheme’s deficit. This was submitted to The Pensions Regulator in September 2024.
“The Group took the decision to divest its investment property, which has a current carrying value of £4.1m. The property is currently being marketed for sale.
“The opening of the Group’s new showroom in Dubai in January 2025 is another example of its investment for future growth. This will act as a strategic hub to drive sales across the GCC, MEA regions and India.
“The investment in our manufacturing facility is nearing completion, and along with the ongoing transformation of the business, the Group is well placed for profitable future growth.
“I am also pleased to report that the Group has made an encouraging start to the year with revenue for the four months to 30 April 2025 ahead of the prior year by 2.6%. Demand was again strong for our carbon-neutral and low-carbon ranges, supported by the successful launches of rocklines® and threads® in the first quarter.
“The Board is confident of making further progress in 2025, and we look forward to updating shareholders in due course.”
