A sustainable carpet tile manufacturer has reported a rise in annual turnover and a return to profit, despite a dip in UK sales.
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In its financial results for the year ending 31 December 2023, the company, Shaw Europe , posted a 2.4% increase in total sales, reaching £36.6m, up from £35.7m in 2022. Pre-tax profit stood at £409,000, a significant improvement from the £2.9m loss recorded the previous year.
UK sales fell slightly from £25m to £24m, while revenues from the rest of the world grew from £10.7m to £12.5m. The company noted that "Shaw Contract carpet tile revenue increased by 11% in the year in a market that declined by 4%". Sales of its STS-branded products also rose by 6.9%.
The report highlighted that restructuring efforts in continental Europe affected regional performance. The departure of Shaw's direct sales team in France contributed to a 6% drop in European sales. Sales in Eastern Europe were also impacted by the ongoing war in Ukraine.
Elsewhere, the company saw stable performance in the Middle East and Africa, with invoiced sales up marginally by 0.2% compared to 2022.
Despite UK challenges, Shaw Europe's global growth and strategic changes helped shift the business back into profitability, positioning it for continued recovery in international markets.
Source: www.bigfurnituregroup.com