Bedroom furniture products importer FWG has reported a growth in turnover as well as a return to profit.
According to its latest filed accounts for the year ended 31 March 2023, total sales rose 7.4% to £23.1m from £21.5m in 2022.
Pre-tax profit resulted at £69,000, improving from a loss of £304,000 recorded in the previous year.
Stated within its report, the company said that during the year it implemented business model reviews and staff restructuring, while the shipping issues it experienced in the previous year did result in retailers holding more stock than normal.
“It was felt that the business needed to react to lower the cost base in order to survive the lower consumer demand, therefore a number of business restructures took place during the first half of 2022-23,” the company said.
“Having access to the value ranges at a time when the customers have been price sensitive has helped maintain turnover, however the company has had to work harder for its margin selling volume at the lower end.
“During the last year there have been opportunities to develop new products, routes to market and also nurture new customer relationships, which have crystalised at the end of the closing quarter, meaning the prospects for improved results in 2023-24 are promising.
“During the final quarter of the year, the shipping prices returned to pre-pandemic levels, which have greatly improved and re-established the companies trade with our Asian partners.”