A decorative lighting manufacturer and distributor in England has reported a return to profitability alongside a modest rise in turnover for the year ended 31 July 2024.
According to its latest financial accounts, Elstead Lighting, saw total sales increased by 5% to £10.6m, up from £10.1m in 2023. The company posted a pre-tax profit of £46,000, marking a significant recovery from the previous year's loss of £1.6m.
Sales performance varied by region. UK revenues dipped slightly from £7.8m to £7.6m, while EU sales saw a notable rise from £1.7m to £2.4m. Sales to the rest of the world were down marginally, from £530,000 to £516,000.
In a statement within its report, the company highlighted strategic developments that contributed to its turnaround. As part of the wider Elstead group, Elstead Lighting Limited has invested in expanding its product portfolio through the addition of five new partner brands.
'This development forms part of the Group's wider strategy to diversify its portfolio and meet evolving customer demand,' the report stated. The new ranges will include offerings in the luxury lighting segment, aiming to enhance the company's presence in premium markets.
The partner brand products are currently in development and are set to launch by mid-2025.
Elstead's financial rebound and forward-looking strategy suggest a focused effort to strengthen its market position and appeal to a broader, more upscale customer base.
Source: www.bigfurnituregroup.com