Upholstered furniture manufacturer Buoyant Upholstery has reported another year of turnover growth.

According to its latest filed accounts for the year ended 30 September 2022, total sales rose 1.7% to £51.4m from £50.5m in 2021. Pre-tax profit resulted at £747,000, down from £2.6m recorded the previous year.

UK sales were up slightly to £46.6m from £46m, while revenues in its Ireland division also increased to £4.7m from £4.5m year-on-year.

Stated within its report, the company said that gross margin was at 21.4% compared to 25.3% for 2021, with the reduction caused by the delay in passing on the increase input costs onto its own selling prices.

“We expect margin to return to near historic levels once material costs stabilise and the order book is diminished,” the business added.

During the year, the company continued with new developments and successfully launched a number of new products to both its independent customers and national retailers. Buoyant also opened an account with a new major national retailer with the early indications being “very positive”.

Buoyant added that it continued to be impacted by a number of challenges during the year, mainly labour availability and rising material prices, although it managed these issues “extremely well”, which significantly reduced disruption to its customers.