Manufacturer and converter of polyurethane foams, Carpenter, has reported a decline in sales while profit increased.
According to its latest filed accounts for the year ended 31 December 2019, total sales fell 9.2% to £109.4m from £120.5m in 2018.
UK sales were down from £102.8m to £85.8m, while EU sales jumped 38% to £15.4m from £11.1m. Outside the EU, sales were up 24% to £8m from £6.4m.
Gross profit increased from £28.2m to £32.7m, while pre-tax profit resulted at £16.2m, up 10% compared to its profit of £14.7m the previous year.
Stated within its report, the company said that export sales continued to grow, although domestic sales slipped, which was mainly due to a combination of “selling price erosion” and “continuing the policy of declining business where the company felt selling prices were unrealistic and unsustainable”.