Garden furniture retailer Moda Furnishings has reported a growth in sales as turnover jumped by almost £10m.
According to its latest filed accounts for the year ended 31 October 2021, total sales rose 41.1% to £33.5m from £23.7m in 2020.
Gross profit increased from £13.4m to £19.1m, while pre-tax profit resulted at £5.8m, up from £5.4m recorded in the previous year.
Stated within its report, the company said that the outdoor furniture market saw high demand as a result of the Covid pandemic. EBITDA resulted at £6.5m.
In the period since reporting, Moda said demand has softened due to the cost of living crisis and high levels of competition. “During this period, the business has invested in people with extensive product, retail and marketing experience,” the company added.
“The directors believe the investment in people, together with new product innovation, excellent online presence, has equipped the business to navigate successfully through the current economic uncertainty.”