Sales and profit down at furniture springs maker

Manufacturer of furniture and bedding springs, Wade Springs, has reported a decline in turnover and profit.

According to its latest filed accounts for the year ended 1 October 2023, total sales fell 16% to £6.8m from £8.1m in 2022.

Pre-tax profit resulted at £84,000, down from £627,000 recorded against the previous year.

UK sales represented £6.6m of revenues, down from £67.9m, while overseas sales stood at £120,000, down from £216,000.

Stated within its report, the company said economic uncertainty and inflationary pressures had impacted reduced order levels across the industry.

“Poorer marker conditions are expected to continue whilst high interest rates and limitations on customer spending remain.”

Save this article for later

You can revisit this article if you save it as favourite news!

Leave a Comment