Nonwoven fabrics group sees losses widen

The group behind nonwoven fabrics supplier TechTex has reported widening losses with sales of over £20m.

According to its latest filed accounts for the year ended 30 November 2022, turnover increased from £19.3m, which was over an 11-month period, to £21m – over a full 12-month period.

Pre-tax losses significantly widened from a loss of £680,000 to £3.3m. The group said gross profit margin reduced to 10.07% from 15.01%.

The loss also included one-off exceptional costs of £1.2m in relation to an acquisition which saw the company become a subsidiary of Ecolab Inc Group during the year, while rising costs of raw materials and freight charges also had a significant impact.

TechTex group includes a division dedicated to furniture and bedding, where it sells products that are used in the manufacture of both mattresses and quilts, alongside various other industry sectors.  

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