Wool traders and processors G. Modiano has reported a growth in sales as turnover climbed towards £170m.
According to its latest filed accounts for the year ended 31 March 2022, total sales rose 26.9% to £166.1m from £130.8m in 2021.
Sales in the EU accounted for £131.2m, rising 38.2% from £94.9m, while revenues outside the EU dipped 2.7% to £34.8m from £35.8m.
Gross profit increased from £14.8m to £24.7m, while pre-tax profit resulted at £19.2m, up from £11.3m recorded in the previous year.
Stated within its report, the company said that logistics have continued to be disrupted with port and shipping delays resulting in increased transit times of raw wool to the mill and of wool tops and other products going to its customers.
“Freight costs have also continued to rise. Such logistics problems have also affected imports of processed wool from China and South America,” the business added.
Despite these challenges, the company said it has a good order book and demand is currently stable.
G. Modiano is based in the UK and has sourcing operations in Australia, New Zealand and South Africa, as well as its processing division in Czech Republic and sales offices in Turkey, China and Italy. It is one of the leading suppliers of wool tops to the European textile trade.