Polyflor, a commercial flooring manufacturer and part of the James Halstead Plc group, reported a rise in pre-tax profit to £42 million for the year ending 30 June 2024, an 18% increase from £35.4 million in 2023, despite a 4% drop in total revenue from £181.7 million to £173.7 million.
UK sales fell from £117.3 million to £110.7 million, EU and Scandinavian revenue dropped from £28.2 million to £25.3 million, while sales in the rest of the world rose from £36 million to £37.6 million.
The company noted that UK distributors were affected by a decline in domestic carpet sales, a sector outside Polyflor's portfolio. This led some distributors to reduce stock levels of Polyflor products, impacting channel sales and contributing to at least half of the UK revenue decline.
Despite this, service levels for end customers remained stable, and certain partners continued to invest. The company highlighted that vinyl sheet sales fell by 4%, while luxury vinyl tile (LVT) sales dropped by 9%, reflecting LVT's greater exposure to the residential sector.
Source: BigFurnitureGroup