Sofa business continues to invest; UK sales return to growth

Furniture business Kingcome Sofas, part of the Colefax Group plc, has reported a growth in sales and profit.

According to its latest filed accounts for the year ended 30 April 2023, total sales rose 7.4% to £2.9m from £2.7m in 2022.

UK sales were up 13.6% to £2.5m from £2.2m, while EU revenues fell 26% to £309,000 from £421,000. USA sales registered £9,000, down from £15,000, while rest of the world revenues totalled £73,000, up from £33,000.

Pre-tax profit resulted at £240,000, up from £80,000 recorded in the previous year.

Stated within its report, the company, which operates its London showroom on Fulham Road and its Devon workshop and showroom in Heathfield, said gross margin remained consistent at 40%, while its order book was at strong levels.

“The order book started the year close to record levels resulting in a strong start to the financial year. Factory production remains challenging due to labour and materials shortages and increased lead times.

“During the year we completed a major investment in our freehold factory in Devon, which will increase capacity and improve productivity and energy efficiency. In September we opened a new trade showroom adjoining our Colefax showroom in Chelsea Harbour and are starting to see the benefits of this investment.”

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