The parent group behind online furniture retailer Furniturebox has reported a growth in sales although profit declined.
According to the latest filed accounts for Hontan Holdings Limited, ended 31 July 2022, total sales rose 1.97% to £15.9m from £15.6m in 2021.
Pre-tax profit resulted at £2.3m, down from £3.2m recorded the previous year. Gross profit margin was down slightly from 34.22% to 32.81%.
“Despite a market turndown, our headline figures have remained strong and represent a larger real terms increase (compared to demand). We are very pleased with the performance and that has provided us with a solid base to push for further growth in 2023,” the business said.
During the period, Furniturebox completed a new 88,000sqft warehouse move, the biggest event in the group’s history. This was financed from retained profits and capital financing.
“Early trading indicates that we will see a healthy increase in turnover for the year 2022 to 2023, with profit remaining consistent,” the company added.
Furthermore, the business has launched in the USA, where it sees “huge growth potential”, while it also plans to expand its product team and explore new manufacturing regions.