A decline in both domestic and international revenues has impacted a leading UK-based interior fabrics company during its latest financial year, ended 30 September 2024. Total sales dropped by 9.4% to £16.5m, down from £18.2m the previous year.
© ILIV
Sales in the UK decreased from £16m to £14.5m, while EU sales fell to £1.1m from £1.3m. Revenues outside the EU also declined to £775,000 from £861,000. Pre-tax profit dropped to £451,000, a significant decrease from £840,000 reported the year before.
The company, ILIV, attributed part of the downturn to a 14.2% decline in gross margin, which fell from 37.6% to 35.6%. This was largely due to increased investment in sampling and point-of-sale activity.
Despite the dip in performance, the business reiterated its commitment to the ILIV brand through targeted marketing and promotional campaigns. It stated that this strategy is helping drive growth in both UK sales channels and new export markets.
Source: www.bigfurnituregroup.com