A Luxury furniture brand in the UK has reported a slight decline in annual sales, with turnover falling 3.5% to £23m in 2024, down from £23.9m in 2023. Pre-tax profit also dropped significantly to £216,000, compared to £1.2m the previous year.
© Andrew Martin
UK sales for Andrew Martin were notably impacted, slipping to £19.6m from £21.3m. However, international markets showed growth: US revenue rose to £968,000 from £820,000, EU sales increased to £1.4m from £1.1m, and sales in other global regions nearly doubled to £992,000 from £582,000.
By division, furniture sales dipped from £20.5m to £19.4m, while fabric sales rose from £3.3m to £3.6m.
The company attributed the overall dip to a reduced number of commercial interior design projects in 2024. Despite the downturn, directors stated that the brand's performance reflects its "resilience" and strength in the face of "subdued customer sentiment" in the UK's luxury furnishings market.
Andrew Martin continues to maintain a strong global presence, suggesting a strategic shift toward overseas growth as domestic market pressures persist.
Source: www.bigfurnituregroup.com
