A UK furniture and bedding spring manufacturer has seen a 22% drop in turnover, with sales falling to £5.2 million for the year ending 29 September 2024, down from £6.8 million in 2023. The company reported a pre-tax loss of £701,000, compared with a profit of £84,000 the previous year.
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UK sales for Wade Springs declined from £6.6 million to £5.1 million, while overseas sales remained largely unchanged at around £119,000. The company attributed the downturn to prolonged economic uncertainty, inflationary pressures, and reduced order levels across the industry.
Wade Springs expects challenging market conditions to persist, citing high interest rates and constrained consumer spending as ongoing risks. The company highlighted the need to manage costs carefully during periods of low volume and to boost sales while maintaining margins, amid fluctuating raw material and energy prices.
Source: www.bigfurnituregroup.com