Flooring business sees sales and profits fall

The company behind Frank’s the Flooring Store has reported a decline in both sales and profits.

According to J Maguire Holdings Limited latest filed accounts for the year ended 31 July 2019, total sales slipped 11.4% to £27.7m from £31.3m in 2018.

Pre-tax profit also fell 31.3% to £1m from £1.5m year-on-year, with the business stating that turnover fell due to a restructure in sales to related undertakings which is reflected in its increase in gross profit margin by 3.3%, representing 25.8%.

It added that underlying sales had increased over the year, strengthening its position, while it has also continued to invest in training to develop skills and management tools for future benefits.