Trade supplier of gifts, interior accessories and home furnishings to retailers, SIL, has reported a reduction in sales.
According to its latest filed accounts for the year ended 31 December 2022, total sales fell 4.9% to £23.1m from £24.3m in 2021. Pre-tax profit resulted at £231,000, down from £595,000 recorded the previous year.
Stated within its report, the group said: “Our team has navigated the turbulent waters of 2022 with resilience and strategic acumen. Our focus on the stringent control of costing and product sourcing allowed us to enhance our profit margin, despite the significant increase in shipping costs we experienced.
“Looking ahead, 2023 is earmarked as a year of consolidation for us. Our agenda is clear: we aim to reduce stock and costs while maintaining our profit margins. We are aware of the difficulties that the first half of the year may present, but we are confident that with our robust strategies in place, the second half will bring improved performance, a trend we expect to continue into 2024.
“Looking to the future, our intent is to deepen our footprint in Europe. The market there presents a buoyant atmosphere, and we believe it is an opportunity we cannot afford to miss. Over the short to medium term, we plan to escalate our investment in the region.”