Fitted office furniture supplier Frem Group has reported a significant decline in turnover and a pre-tax loss for the year ended 31 December 2024, reflecting ongoing challenging trading conditions and the impact of group restructuring.
© Frem Group
According to the company's latest filed accounts, total sales fell 18.6% to £7.4 million, down from £9.1 million in 2023. Pre-tax losses amounted to £306,000, compared with a profit of £357,000 the previous year.
In its annual report, Frem Group stated: "Group turnover has reduced by £1.6m compared to the previous year. The reduction in group turnover results from challenging trading conditions, and the continued impact of group restructuring whereby certain subsidiary companies are now classed as associates and are thus excluded from consolidation except as under equity accounting principles."
The report also highlighted a strategic move to strengthen its stake in an associate company, adding: "During the year the group acquired a further 7.5% holding in an associate, Race Furniture Limited."
The figures underscore the pressures facing the office furniture sector, as suppliers contend with market volatility and evolving client demands while implementing strategic restructuring measures. Frem Group's approach reflects broader industry trends in consolidating operations and investing in key associates to support long-term stability and growth.
Source: www.bigfurnituregroup.com
