Manufacturer of furniture springs, Wade Group, has reported a growth in turnover as sales rose beyond £8m.
According to its latest filed accounts for the year ended 2 October 2022, total sales rose 28.1% to £8.2m from £6.4m in 2021. Pre-tax losses amounted to £1m compared to its profit of £87,000 recorded the previous year.
Stated within its report, the company said UK sales represented £8m, up from £6.2m, while EU revenues accounted for £262,000, up slightly from £225,000.
The group added that the pre-tax loss was after non cash decreases in property and share values of £1.2m. The profitable trading activity resulted in a net cash outflow of £82,000 after meeting some residual legacy property costs.
Wade said that the furniture industry and subsidiary company, Wade Spring, recovered from the impact of Covid in 2022 with increased orders albeit that more “uncertainty and inflationary factors started to appear later in the year”.