Fibres manufacturer International Fibres Group (IFG), which supplies to a variety of industries including furniture and flooring, has reported a decline in sales within its UK division.
According to its IFG Drake’s latest filed accounts for the year ended 30 June 2023, total sales fell 22.4% to £23.2m from £29.9m in 2022.
Pre-tax profit resulted at £1.3m, down from a profit of £2.3m recorded in the previous year.
Stated within its report, the company said: “The fibre market was impacted globally by a downturn across many of the sectors in which we trade. This led to lower than expected volumes against both prior year performance and budget.
“Labour inflation and raw material costs had a significant impact throughout the year and continuing high energy costs including supplier surcharges notably impacted profitability. Technical development of our fibre range remains a key strategy for the future of the business with outstanding customer service and leaner operations contributing to another year of profitability.”
International Fibres Group (IFG) is one of Europe’s leading independent producers of polypropylene-based staple fibres, an input product with reinforcing, insulating, separating or draining properties. The fibre is used in the production of flooring, rugs, furniture, filters, foodstuff packaging, car interiors and nonwoven fabrics. IFG has production facilities in Belgium, the United Kingdom and Austria.