Design-led specialist flooring company AIREA plc has reported an uptick in sales as turnover surpassed £20m with sustainability focus driving growth.
According to its final results for the 12 months ended 31 December 2023, total sales increased 14.1% to £21.1m from £18.5m in 2022.
Operating profit before valuation gain increased by 9.2% to £1.8m, while EBITDA increased by 13% to £2.6m, compared to £2.3m recorded the previous year. Pre-tax profit remained flat at £1.4m.
During the year, AIREA launched two carbon-neutral products, arctic® and osaka®, and the refresh of two low-carbon products, infinity and go-to®, which all helped to drive sales growth. Furthermore, it has implemented its sustainability principles, eco2matters®, across all business operations.
Looking ahead, the group expects to further growth, boosted by a £5m investment in the Company’s manufacturing facility in Ossett, West Yorkshire, which will substantially increase capacity and include the automation of certain processes using the latest cutting-edge Artificial Intelligence imagery and inspection technology.
Médéric Payne, Chief Executive Officer of AIREA plc, commented: “I am pleased to report on the Group’s final results for the twelve months ended 31 December 2023.
“AIREA made excellent progress in 2023 and has maintained a high standard of service to our customers, with revenue growth of 14.1% over the period. The growth was driven by an increase in demand for our more sustainable product ranges, with limited cost increases as raw material inflation eased through the second half of the year. We have firmly re-established our presence within the UK and ROI, outperforming the market. This has given the Group confidence to achieve greater growth scalability in the wider European and other key international markets.
“We more closely aligned our key products to the Group’s ten market sectors throughout 2023, resulting in an increased rate of sales growth. We continue to work closely with our customers to meet their needs and provide a market-leading service.
“With the launch of the Group’s eco2matters® sustainability principles in December 2022 defining the scope of the direction for 2023, this accelerated the launch of two carbon-neutral products and refreshing two low-carbon products in the year. This is a significant step change in the business, and we intend to continue to invest for future sales growth, incorporating the eco2matters® principles and the journey towards net zero. We continue to transform the business with a more focused growth strategy centred on sustainability.
“The £5.0m investment in the manufacturing facility will enable the Group to increase production and capitalise on efficiencies, whilst bringing new, exciting, and more innovative products to the market. We are optimistic about these opportunities as we continue to build a strong platform for growth and delivering increased value to AIREA shareholders.
“Despite the current challenging economic conditions, we are pleased to report the Group has experienced a good start to the year. Demand remains high for our carbon-neutral and low-carbon products, and we are confident of continuing to outperform the market through 2024.”
