Design-led specialist flooring company, AIREA plc, has reported a positive start to the year with demand for its eco-focussed ranges proving popular.

Detailed at its recent Annual General Meeting (AGM), Martin Toogood, Non-Executive Chairman shared an update on progress: “I am pleased to report another year of excellent progress, as outlined in the Group’s final results in March. Revenue increased 14.1% to £21.1m with operating profit increasing to £1.8m. The net cash position improved by £0.6m to £3.4m. The Group is proposing a dividend of 0.55 pence per share, an increase of 10% and aligned with our progressive dividend policy.

“Following the latest triennial valuation, the pension scheme deficit increased to £5.0m. The Company is currently in discussion with the scheme’s trustees to agree on a reasonable and affordable recovery plan. A further update will be provided in the Group’s interim results later this year.

“In January, the Group was pleased to announce a £5.0m investment in its manufacturing facility here in Ossett to substantially increase capacity and include the automation of certain processes using the latest cutting-edge Artificial Intelligence imagery and inspection technology. The project is well underway and is scheduled to be completed in early 2025.

“I am pleased to report that the year has started well, with demand remaining strong for our carbon-zero and low-carbon product ranges. We continue to invest in product development and will showcase our latest ranges at the forthcoming Clerkenwell Design Week in London later this month.

“The Board is confident of making further progress in 2024 and we look forward to updating shareholders in due course.”