Upholstery group grows top line as major retail partners drive sales

Sofa manufacturing group TCM Living has reported another growth in British sales as three of its four major brands experienced an increase in revenues.

According to the latest filed accounts ended 31 December 2022 for TCM Living, the parent company of Alstons, Ashley Manor, Alexander & James and AMX Designs, total sales rose 15% to £138m from £119.9m in 2021, adding to its growth of 17.3% from £102.2m in 2020.

Pre-tax profit resulted at £1.15m, slightly up from £1.10m recorded the previous year.

Stated within its report, the group said UK sales, its core market, had increased 15.2% to £136.5m from £118.4m, while EU sales rose 13% to £553,000 from £489,000. As for the USA, revenues declined from £424,000 from £95,000, while sales in Thailand declined from £491,000 to £335,000. Revenues in Malaysia rose to £25,000, up from £24,000, while sales in China represented £111,000.

In the UK, two of the groups major retail clients, ScS and Furniture Village, saw a combined increase in sales by 26.9% to £71.2m from £56.1m last year. This was driven by ScS as revenues rose 26% to £53.2m from £42.2m. As for Furniture Village, sales climbed 29% to £18m from £13.9m. There was also another customer account reported in this set of results, which registered sales of £13.8m. As for the rest of sales, these resulted at £52.9m, down from £63.9m year-on-year.

Taking a closer look at the four brands, Alstons reported sales growth of 11.1% to £35.8m from £32.2m, with a pre-tax profit of £1.9m (up from £1.4m). Ashley Manor saw revenues slightly fall by 0.5% to £35.4m from £35.6m and posted pre-tax losses of £1.2m, narrowing from a loss of £2.6m.

Meanwhile, Alexander & James reported sales growth of 60% to £31.7m from £19.8m, with a pre-tax loss of £374,000, down from its profit of £124,000, and AMX Designs saw revenues increase 12% to £37.3m from £33.3m, while pre-tax profit decreased from £2.7m to £1.4m year-on-year.

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