Contract furniture manufacturer Andy Thornton has reported a decline in turnover and profit; however, this was against a shortened period.
According to its latest filed accounts for the year ended 31 May 2022, total group sales fell 3% to £9.1m from £11.3m in 2021 over a 10-mnonth period.
Gross profit decreased from £4.3m to £3.2m, while pre-tax profit resulted at £647,000, down from £1m recorded the previous year.
Stated within its report, the business said that the year had been shortened to be coterminous with its new parent company, Andy Thornton (AP) Limited, which was incorporated to facilitate the exit of a previous shareholder of the company.
Andy Thornton added that the increase in costs to generate revenue has impacted profitability, however, moving forward, the first quarter is “in line with expectations” with current levels of activity expected to meet targets.