Four-store luxury furniture retail and wholesale business Andrew Martin has reported a growth in sales while profit reduced.
According to its latest filed accounts for the year ended 31 December 2021, total sales rose 38.5% to £18.7m from £13.5m in 2020 – over an 11-month period.
Gross profit increased from £6.8m to £9.1m, while pre-tax profit resulted at £164,000, down from £375,000 recorded the previous year.
Stated within its report, the company said that its turnaround strategy continues to prioritise revenue growth and profitability, which has also seen a significant cost and operation review prove successful at reducing costs.
“Despite an initial downturn during the first Covid lockdown, when showrooms were closed, revenue has significantly increased as demand for furniture in the UK grows. For 2022, we expect revenue to increase and for the company to continue its profitability,” the business added.
Andrew Martin recently opened its newest showroom located along one of London’s iconic retail destinations at Tottenham Court Road.
The 8,000sqft showroom, which officially opened at the end of April 2022, runs over two floors and adds to its other locations in the Design Centre at Chelsea Harbour, Wimbledon and Walton Street.