The UK manufacturing division of upholstered furniture maker La-Z-Boy has reported a growth in turnover.
According to its latest filed accounts for the year ended 30 April 2022, total sales, which covered nine months due to a shortened financial period to reflect that of its parent company La-Z-Boy Incorporated, rose 21% to £21.9m. Pre-tax profit for the nine-month period resulted at £274,000.
Full year sales in 2021, over 12-months, stood at £25.1m with profits of £1.3m.
La-Z-Boy Manufacturing UK, formerly Furnico Furniture following the acquisition back in October 2021, said that it had delivered a “robust performance in a challenging market” and that new order intake showed a 50% increase against the same period last year.
“The company maintained a strong financial performance during 2022 and has continued to show excellent cost management and internal efficiencies. This reduction in gross margin to 11.3% (16.2%) is due to increased raw material and labour costs. We continue to monitor our pricing, procurement and plant efficiencies to mitigate these changes and maintain our agility in a turbulent global landscape.”