Upholstery group grows top line despite dip from major retail partner

UK sofa manufacturing group TCM Living has reported a 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 2021 for TCM Living, the parent company of Alstons, Ashley Manor, Alexander & James and AMX Designs, total sales rose 17.3% to £119.9m from £102.2m in 2020.

Gross profit remained consistent at £17.9m, while pre-tax profit resulted at £1.1m, down from £2m recorded the previous year.

Stated within its report, the group said UK sales, its core market, had increased 17.4% to £118.4m from £100.8m, while EU sales rose 217% from £154,000 to £489,000. As for the USA, revenues jumped 123% to £424,000 from £190,000, while sales in Thailand and Malaysia declined from £504,000 to £491,000 and £217,000 to £24,000 respectively.

In the UK, two of the groups major retail clients, ScS and Furniture Village, saw a combined decline in sales by 10.3% to £56.1m from £62.6m last year. This was driven by ScS as revenues declined 17.5% to £42.2m from £51.2m. As for Furniture Village, sales climbed 21.9% to £13.9m from £11.4m.

Taking a closer look at the four brands, Alstons reported sales growth of 28.8% to £32.2m from £25m, with a pre-tax profit of £1.4m (down from £1.5m). Ashley Manor saw revenues jump 36.3% to £35.6m from £26.1m and posted pre-tax losses of £2.6m, widening from £496,000.

Meanwhile, Alexander & James reported sales growth of 39.4% to £19.8m from £14.2m, with a pre-tax profit of £124,000 (down from £289,000), and AMX Designs saw revenues decline 12% to £33.3m from £37.9m, although pre-tax profit increased from £2.1m to £2.7m year-on-year.

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