Interior and upholstery fabric specialist ILIV has reported another growth in sales as turnover climbed towards £20m.
According to its latest filed accounts for the year ended 30 September 2022, total sales rose 22.8% to £17.1m from £13.9m in 2021 – adding to its growth of 31.4% from £10.6m in 2020. Pre-tax profit resulted at £629,000, down from £1m recorded the previous year.
UK sales for SMD Textiles, trading as ILIV, rose 25.4% to £14.8m from £11.8m, while EU sales increased 30% to £1.3m from £1m. Outside the EU, revenues remained flat at £1m.
Stated within its report, the company said that gross margin increased by 19.2%, while the margin percentage decreasing from 34.5% to 33.5% due to foreign exchange movements and freight costs.
As for the wider group, SMD Holdings, which also includes its distribution arm SMD Home, reported sales of £17.9m, down by 26% from £24.3m over the same period. Pre-tax profit of £1.9m recorded the previous year fell to loss of £605,000.
The group said that it took the decision to separate the businesses into two independent entities, which was achieved on 1 October 2021 by disposing of the assets of SMD Home Limited to SMD Home (Holdings) Limited, a company under common control.