Furnishings brand consolidates operations to reduce losses

Furnishings brand Neptune has reported a decline in sales as turnover returned to more normal levels of trading post Covid.

According to its latest filed accounts for the year ended 30 September 2023, total sales fell 17.8% to £62.3m from £75.8m in 2022.

UK sales fell 16% to £54.5m from £64.9m, while outside the UK revenues also declined 28.7% to £7.7m from £10.8m.

Pre-tax losses amounted to £1.5m, significantly reducing compared to its loss of £13.8m recorded the previous year.

Stated within its report, the company said: “The business anticipated this reduction and the year was characterised by a drive to turnaround profitability, which had been heavily impacted the previous year via heightened shipping rates and one off exceptional costs.

“Shipping costs reduced through the year whilst initiatives by the business to drive efficiency were delivered. This included the consolidation of our operating facilities via the closures of the Highworth distribution centre and Bridgend manufacturing facility during the year. There was no change to our retail estate.”

Neptune added that during the year a new shareholder invested into the group, injecting an additional £2.5m to support its commercial plans, while a new senior management team was established.

Save this article for later

You can revisit this article if you save it as favourite news!

Leave a Comment