Furnishings brand delivers strong sales; shipping impacts profit

Furnishings brand Neptune has reported another growth in sales as turnover increased by £10m.

According to its latest filed accounts for the year ended 30 September 2022, total sales rose 16.6% to £75.8m from £65m in 2021, adding to its growth of 31.5% from £49.4m in 2020.

UK sales jumped 16.5% to £64.9m from £55.7m, while outside the UK revenues also rose 17.3% to £10.8m from £9.2m.

Pre-tax losses amounted to £13.8m, significantly down compared to its profit of £1m recorded the previous year.

Stated within its report, the company said: “The group has experienced significant growth in orders as customers have spent more time at home and showed a desire to invest in it.

“The losses in 2022 directly related to shipping cost inflation and an investment in resource to deliver the customer experience. Shipping prices returned to normal in December 2022 and the group has shipping forward contracts to mitigate any further risks.

“The group has also streamlined its UK logistics following this turbulent year and has made significant cost savings at the end of 2022, which will come through in the 2023 accounts.”

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