SIL

Trade home furnishings supplier grow sales while absorbing costs

Trade supplier of gifts, interior accessories and home furnishings to retailers, SIL, has reported a growth in sales as turnover edged towards £25m.

According to its latest filed accounts for the year ended 31 December 2021, total sales rose 15% to £24.3m from £21.1m in 2020.

Gross profit increased from £9.6m to £10.4m, while pre-tax profit resulted at £595,000, down 32% from £881,000 recorded the previous year.

Stated within its report, the group said net assets valued £7.6m, up 4% from last year, while the reduction in margin was due to Brexit costs and ‘enormous’ additional freight on shipping.

“We decided the protect our customers from these (rising costs) and absorb as much of the charges as possible,” the business added. “We have taken action to mitigate this going forward.”

The company said that 2022 started strongly with record sales at the Birmingham Spring Fair and anticipates another positive year ahead.

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