Modular furniture manufacturer and retailer has reported a return to profitability despite a slight dip in annual sales. For the year ended 31 December 2023, the company posted sales of £15.3m, down 2% from £15.6m in 2022. However, pre-tax profit rebounded to £462,000, reversing a significant loss of £3.1m recorded the previous year.
© Vitsœ
In its financial report, the company, Vitsœ, noted that although sales declined modestly, "the previous decline in gross margin was reversed," contributing to its improved financial position.
The delay in filing the accounts was attributed to a legal dispute concerning the repair costs of a defective roof at Vitsœ's production facility in Leamington Spa. The company pursued legal action to recover the 2022 repair expenses, but was unsuccessful in a High Court trial held in January 2025.
Despite the unfavourable ruling, Vitsœ stated it 'maintains supportive relationships with its key stakeholders, including its secured lender.' The firm also noted strong trading performance in the latter half of 2024, which helped it absorb the financial impact of the legal case.
Vitsœ's return to profit suggests a stabilisation following earlier operational and legal challenges, with the company now focused on maintaining momentum and rebuilding confidence.
Source: www.bigfurnituregroup.com