Furniture importer maintains strong supply and delivers growth

Classic Furniture, wholesalers and importers of timber cabinet furniture and chairs, has reported a growth in turnover and profit.

According to its latest filed accounts for the year ended 30 September 2021, total sales rose 14% to £15m from £13.1m in 2020.

UK sales were up 13% to £14.8m from £13m, while revenues elsewhere slightly declined from £140,000 to £137,000.

Gross profit increased from £1.6m to £1.9m, while EBITDA increased 9% to £1m. Pre-tax profit resulted at £999,000, up 16% from £854,000 the previous year.

Stated within its report, the company said that shipping costs had increased 620% over the past 18 months but maintained strong relationships with its supply chain to enable a consistent flow of supply to its customers.

During the year the company purchased 50% of its shares to enable a shareholder to retire and pursue other interests, which management believed was in the company’s best interests.

Net assets at the year end totalled £3.2m.

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