Home textiles supplier Cleland McIver, a key partner to retailer Dunelm, has reported a 5.6% fall in turnover to £75.8 million for the year ended 30 September 2024, down from £80.3 million in 2023. Pre-tax profit also declined to £1.6 million, compared to £2.8 million the previous year.
© Cleland McIver | Kingsway Business Park
Despite the financial dip, largely attributed to inflationary pressures and higher borrowing rates, the company remains optimistic. It continues to invest in its product offering for Dunelm, which is itself expanding with new store openings across the UK, a trend expected to drive growth in 2025.
A key operational change during the year was the consolidation of Cleland McIver's three sites into one purpose-built facility, resulting in exceptional costs of £522,000. Additional costs are expected next year as the project completes. One site has already been sold, with financial effects to be reflected in the 2025 accounts.
Looking ahead, the company anticipates a return to revenue growth as store expansion and operational streamlining take effect.
Source: www.bigfurnituregroup.com