Furniture components supplier posts £4m profit

Furniture components supplier Hill’s Panel Products (HPP) has reported a growth in sales and profits.

According to its latest filed accounts for the year ended 28 February 2022, total sales rose 29.6% to £34.5m from £26.6m in 2021.

Gross profit increased from £6.3m to £10.2m, while pre-tax profit resulted at £4m, up from £1.3m recorded the previous year.

Stated within its report, the company said: “Trade was good throughout the year with ongoing product development and improvements and good communications, helping to cement our relationship with the market and future prospects. Experience to date shows this is extending into 22/23.”

Furthermore, during the year, HPP, implemented key staff restructurings to strengthen the team for future expansion, particularly in its sales and accounts teams, while also investing in its delivery fleet to upgrade around 25% to meet the Clean Air Zones scheme in Manchester. This scheme has since been shelved by the government, but the company said when the policy comes in place, it will be ready.

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