Upholstery group TCM Living has reported a strong second quarter and first half of 2022 with top and bottom lines growing.
According to its latest trading update, TCM Corporation, the parent company of TCM Living, which houses UK brands Alstons, Ashley Manor, Alexander & James and AMX Designs, said that its British division saw Q2 sales reach THB 1,711.73 million (£39.9m), an uptick of 41% year-on-year.
As for half year performance, sales were up 39.6% to THB 3,520.21 million (£82.1m).
EBITDA for the second quarter increased 121% to THB 56.91 million (£1.3m), while also growing 175% to THB 216.43 million (£5m) for the half year.
During the quarter, TCM Living represented 71.78% of group revenue, up from 69.20% in the previous year.
TCM Living said sales increased due to ‘constant market demand’, adding that it has restructured internal operations and improved operation efficiency since the end of the previous year in an attempt to ‘boost its profitability’.
“As a result, gross profit margin was remained in line with those of the same period in previous year despite the impact from the incremental costs of transportation and raw material,” the company said.
“Raw material costs remained in high level due to the increasing inflation rate globally, shortage in container and labour, and the situation unrest between Ukraine-Russia. To respond to the unfavourable market environment, the Group has adjusted product prices and also emphasised on cost saving, and production efficiency to ensure its business competence and its capability to cope with changes in the future.”
In other news, TCM Living has appointed Kellie Oliver as its new managing director of AMX Design, joining from Oak Furnitureland, where she was head of buying.
Kellie has also had previous roles at Harveys Furniture, Landmark Group, BHS and Marks & Spencer. She will officially join the role on 31 October, succeeding Bob Hadley who has decided to retire.