Flooring supplier grows sales and margin

Flooring supplier Havwoods has reported a growth in turnover as sales climbed towards £50m.

According to its latest filed accounts for the year ended 31 December 2022, total sales rose 11.6% to £48m from £43m in 2021.

UK sales were up 9% to £38.5m from £35.3m, with revenues also growing overseas, increasing 23.3% to £9.5m from £7.7m.

Pre-tax profit resulted at £7.3m, up 10.6% from £6.6m recorded the previous year.

Stated within its report, the company said: “The increase in performance is predominately due to increase demand in our luxury residential and workspace market, offset, by a small reduction in our long-term projects business.

“This change in market split has resulted in our gross margin improving from 35.7% to 36.8%. The culmination of the increase in our turnover and gross margin has resulted in our margin of £2.2m.”

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