Rug business delivers growth across all key markets

Rugs business The Rug Company has reported a growth in sales and profit as all core markets delivered positive growth.

According to its latest filed accounts for the year ended 27 March 2022, total sales rose 19.8% to £10.1m from £8.4m in 2021.

Gross profit increased from £4m to £4.8m, while pre-tax profit resulted at £89,000, up from £59,000 recorded the previous year.

Stated within its report, the company said retail sales rose 12.1% to £8.3m from £7.4m, while franchise sales grew 70% to £1.7m from £1m year-on-year.

As for its divisions, UK sales increased 8.6% to £7.5m from £6.9m, while EU sales jumped 114% to £463,000 from £216,000. Sales in the US more than doubled, up 89.9% to £1.1m from £579,000, while rest of the world revenues increased 48.3% to £899,000 from £606,000.

The Rug Company said that revenue growth was driven by strong growth within a global partnership channel, up 74% on the previous year, whilst UK and EU studios were also up 11.8%.

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