Furnishings fabrics group maintains strong demand

Furnishing fabrics supplier Ashley Wilde Group has reported a growth in sales as turnover surpassed £45m.

According to its latest filed accounts for the year ended 31 December 2022, total sales rose 2% to £45.8m from £44.9m in 2021.

UK sales decreased 2.8% to £36.9m from £38m, while EU revenues remained flat at £2.1m. Sales from outside the EU grew by 43.4% to £6.6m from £4.6m.

Pre-tax profit resulted at £2m, down from £2.3m the previous year.

Stated within its report, the company said: “Demand for our products maintained strong momentum from the post-pandemic period for most of the year, driven by a strong product range and new products.

“The momentum showed signs of weakening late in the year as a result of external factors including inflation and increased interest rates.

“Since the year end, the business of a subsidiary has been disposed of, and consequently part the inter-company debt is considered irrecoverable and has been provided for as an exceptional item. Despite this, profit remained satisfactory.”

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