A specialist furniture manufacturer has reported a decline in both revenue and profit for the year ended 30 November 2024.
Total sales for SICO Europe fell by 13.9% to £10.5m, compared to £12.2m in 2023. Pre-tax profit dropped significantly to £124,000, down from £449,000 the previous year.
Despite these figures, the company described its performance as "strong", highlighting improvements in margins driven by falling material costs and stabilised operational expenses. SICO noted that cost management had become a central focus, helping to lower its breakeven point and positioning the business for a more profitable 2025.
The report acknowledged challenges on the sales side, including internal disruption. 'Sales order intake took a downward turn for 2024,' the company stated, citing turbulence within the sales team and missed opportunities in the market. It also pointed to wider market pressures, such as constrained school budgets in the UK, which negatively impacted demand.
While 2024 proved difficult, the business believes it has laid a stable foundation for future growth through improved operational efficiency and tighter cost controls.
Source: www.bigfurnituregroup.com