Manufacturer of furniture springs, Wade Springs, has reported a growth in turnover and a return to profit.
According to its latest filed accounts for the year ended 26 September 2021, total sales rose 33% to £6.3m from £4.7m in 2020.
Gross profit increased from £857,000 to £1.6m, while pre-tax profit resulted at £532,000, significantly improving from its loss of £17,000 the previous year. It was the company’s first profit since 2018, which stood at £941,000.
Stated within its report, the company said sales growth was attributed to higher volumes following the impact of the lengthy shutdown period in the previous year, as well as selling price increases to match raw material cost rises.
Wade Spring has recently announced the launch of its new Pocket Spring Department, stating it is a ‘natural progression’ for the company to diversify into pocket cushion components, expanding the portfolio of products it offers.
“With significant investment in new coilers and assemblers which combine both tried, tested, and innovative technology, we have the capability of producing both pocket strips and assembled pocket units, with spring heights from 60mm up to 120mm,” the company added.