Furniture wholesaler experiences tough year but on pathway to growth

Northern Irish furniture wholesaler Annaghmore Agencies has reported a slight dip in sales while profit slipped into the red in what was a ‘tough’ year.

According to its latest filed accounts for the year ended 31 December 2022, total sales fell 6.4% to £12.4m from £13.3m in 2021.

Pre-tax losses resulted at £185,000, down from its profit of £624,000 recorded the previous year.

Stated within its report, the company said gross profit margin resulted at 31.4% with year-end net assets of £4.8m.

Commenting on the results, Conor McKeown, Director, said: “2022 proved to be a very tough year for Annaghmore Agencies Ltd. due to significant trading headwinds generated predominantly by the cost-of-living crisis coupled with the fallout of exceptionally high import / container costs.

“We are however pleased to say that we have “weathered the storm” and are currently on a pathway back to growth and profitability.”

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