Furnishings fabrics and wallcoverings supplier Osborne & Little has reported a growth in sales as turnover climbed towards £15m.
According to its latest filed accounts for the year ended 31 March 2022, total sales rose 7% to £14.8m from £13.9m in 2021.
Gross profit decreased from £6.5m to £6.1m, while pre-tax losses resulted at £132,000, slightly widening from a loss of £106,000 recorded the previous year.
Stated within its report, the company said UK sales rose to £5.5m from £4.5m, while EU sales suffered a significant decline from £4.8m to £653,000. This excluded sales to Germany, which resulted at £3m, while US sales rose to £4.5m from £3.5m.
“The gross profit of £6.1m was 41.3% of sales compared to 47.4% in the previous year. Had the EU sales been included in the company’s results, compared with the previous year, then the gross margin would have been 45.1%. The difference of 2.3% was due to import duties into the EU and the launch of new collections following a couple of years during Covid during which fewer new collections were launched,” the company added.
