New Cox + Cox owner delivers profit growth despite sales fall

Furniture and home furnishings supplier Giomani Designs has reported a decline in sales although profit did improve.

According to its latest filed accounts for the year ended 30 September 2022, total sales fell 26% to £28.1m from £38m in 2021. Pre-tax profit resulted at £218,000, up from £152,000 recorded the previous year.

Stated within its report, Giomani Designs, which also trades as online beds retailer and more recently online homewares retailer Cox + Cox, said: “The company has strived to maintain its market share; however, operating profitability has been adversely affected.

“This change is primarily driven by the increase in transportation costs. Additionally, the company has been impacted by the rise in raw material prices.

“Management expect the turnover to recover to previous levels once logistical issues across the market lead to greater stability, in combination with diversified methods of customer outreach and new product lines within the business.”

Giomani Designs recently acquired the business and assets of online homewares retailer Cox + Cox back in March for over £600,000 after the company entered administration.

A statement from the administrators said: “Upon appointment, the joint administrators successfully completed the sale of the business and certain assets via a pre-pack administration to Giomani Designs Ltd, a furniture and home furnishings manufacturer based in Birmingham. Together, the joint administrators were able to secure the transfer of 65 jobs via the sale.”

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