Despite a decrease in sales, bed manufacturer Relyon returned to profitability in its latest financial report for the fiscal year ending September 30, 2023. Total sales declined by 12.3% to £16.3 million from £18.6 million in 2022, with UK sales accounting for £15.9 million and EU sales amounting to £299,000. However, pre-tax profit reached £692,000, a significant improvement from the previous year's loss of £453,000. The company attributed its return to profitability to repositioning its products into extensive ranges focused on value and quality, as well as acquiring new customers and introducing new products. Additionally, Relyon has attracted long-term lease tenants to parts of its site no longer used for manufacturing, resulting in a significant increase in the freehold property value.
Source: BigFurnitureGroup
Photo: Relyon.