A Swiss office furniture manufacturer, has reported a significant decline in sales and profit for the year ending 31 December 2024. The company's total sales fell by 23%, dropping from £20.9 million in 2023 to £16.1 million in 2024.
Pre-tax profit for Vitra's UK division also declined, reaching £737,000 compared with £961,000 the previous year. The operating profit margin shrank from 4.0% of turnover in 2023 to 3.5% in 2024.
In its report, Vitra stated that the turnover decrease of £4.7 million was "due to market conditions." The company attributed the reduction in operating profit primarily to this drop in turnover.
This downturn reflects broader challenges in the office furniture sector, as companies adjust to changing workplace demands and economic uncertainties.
Despite the setback, Vitra remains a recognised name in the industry, with the UK division navigating a tough market environment that has impacted revenue and profitability.
The company's performance highlights the ongoing volatility faced by manufacturers in the sector amid evolving customer needs and economic pressures.
Source: www.bigfurnituregroup.com