Office furniture supplier maintains turnover growth

Fitted office furniture supplier Frem Group has reported another growth in turnover.

According to its latest filed accounts for the year ended 31 December 2022, total sales rose 10% to £12m from £10.9m in 2021, further adding to its growth of 9.7% from £9.9m in 2020.

Pre-tax profit resulted at £536,000, down from £880,000 recorded in the previous year.

Stated within its report, the company said the growth in sales reflected the improvements in trading although global issues, including the Ukraine conflict, and inflationary pressures proved challenging, impacting its bottom line.

During the year the group reduced its holding in subsidiary FG Library Products from 60% to 50% through a sale to an existing investor, while increasing its holding in Audise by Frem Group Limited from 50% to 100% following a buy back and reduction in share capital.   

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