Upholstery provider returns to profit as sales rise

Specialist commercial fit-out and upholstery providers Abbey Upholsterers has reported a growth in turnover and return to profit.

According to its latest filed accounts for the year ended 31 December 2022, total sales rose 107% to £8.4m from £4.1m in 2021.

Pre-tax profit resulted at £1.5m, significantly improving from its loss of £114,000 recorded in the previous year.

Stated within its report, the company said: “On 10 April 2021 the registered office was seriously damaged by fire. During 2021 and 2022 the directors and management of the company have been working alongside the insurance company to assess the extent of the loss.

“In November 2022 an insurance claim totalling £4.6m was agreed with the final payment included in the results for the 2022 year end. The company asset base remains strong, with net assets of £4.1m.

“The company’s directors are satisfied with the company’s performance in the year and the emphasis going forward continues to be on securing turnover that will result in sustainable profitability and cash flow.”

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