Upholstered furniture manufacturer Celebrity has reported another growth in sales and profit.
According to its latest filed accounts for the year ended 30 September 2023, total sales rose 10% to £16.4m from £14.9m in 2022, further adding to its growth of 52% from £9.8m in 2021.
Pre-tax profit resulted at £589,000, up 19.4% from £493,000, also marking another uptick from £329,000 recorded in the prior year.
Stated within its report, the company, which specialises in manufacturing upholstered furniture with inbuilt rise and reclining mechanisms supplying to both domestic and specialist retailers, said that demand for motion furniture, in particular rising recliner chairs, continues to be “strong”.
“We have continued to see the impacts from the Ukraine war from 2022 along with the developing cost of living crisis having an impact on retailer and consumer confidence,” Celebrity said. “We have maintained strong relationships with our retailers and our suppliers during the year. The main challenges have been the continued raw material increases along with the supply difficulties.
“Celebrity the company has continued to thrive despite the continued impact of economic circumstances on the general economy. We have been very proactive to look closely at the business and how we can help and support our workforce in these challenging times.
“In November after a successful 6-month trial we changed the operational working pattern from 5 days to 4 days still working a 39-hour contract. This has both a financial saving and better work life balance for our employees.”
During the period, the company has successfully completed the Voluntary Arrangement in June 2023, with creditors receiving 96p in the £ significantly higher than the 81p estimated in the administrators CVA proposals.
Back in 2020, the company entered into a CVA with its creditors to secure the future of the business after its parent company JDP Furniture Group entered administration a few months prior. The administration ended during August 2022, moving into its own CVA agreement to rescue the business as a going concern. It’s other company H&F Upholstery has been dissolved.
