An independent furniture retailer in South England has increased its pre-tax profit to £840,000 despite a slight dip in annual sales, as it continues to focus on cost control and strategic growth.
© Vale Furnishers
In its latest accounts for the year ended 31 July 2024, the Surrey-based furniture retailer, Vale Furnishers , reported turnover of £8.4m, down marginally from £8.6m in 2023. Despite the modest decline, operating profit more than doubled from £390,000 to £841,000, reflecting improved financial efficiency.
The company attributed the performance to strong internal management, including reduced administrative costs and improved stock control. 'The company continues to develop in line with the expectations of the directors and has performed well despite difficult trading conditions,' the report stated.
Directors noted that the minimal turnover reduction—just 0.02%—was not concerning and that they remain confident in the business strategy and product offering. New initiatives planned for the 2025 financial year are expected to support further improvement.
Vale Furnishers' net current assets rose to £9.87m (2023: £9.08m), and total net assets grew to £20.94m from £20.34m the previous year, indicating a strong balance sheet poised for future expansion.
Plans are also underway to develop the retailer's primary trading site to enhance the customer experience and further solidify its market position. The company reaffirmed its commitment to maintaining market share and growing the business sustainably.
Source: www.bigfurnituregroup.com