Office furniture firm grows profit despite sales dip

Office furniture manufacturer Gresham Office Furniture has reported a slight decline in sales.

According to its latest filed accounts for the year ended 31 October 2023, total sales fell 9% to £34.3m from £37.7m in 2022.

Pre-tax profit resulted at £2m, up from £1.6m recorded in the previous year.

UK sales represented the majority of turnover, with revenues down from £37.5m to £33.6m. Exports increased from £223,000 to £438,000.

Stated within its report, the company said it grew its net asset position to a value of £15.1m (£14.5m) and was “pleased with the overall results”.

“The company intends to keep its innovative and competitive edge by extending its product range. The company aims to grow by looking for new markets to replace the reduction in public sector spending. The company also intends to consolidate its position in those markets where the company gained a foothold during the year under consideration.

“The directors consider that the company has performed well over the period and are confident that the company will continue to develop and grow despite the high competition within the industry.”

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