Profit grows to almost £1m at furniture business

Furniture business The Cotswold Company has reported an increase in sales as turnover stormed past £50m.

According to its latest filed accounts for the year ended 1 March 2020, total sales rose 14% to £54.6m from £47.8m in 2019.

Gross profit rose from £25m to £28.4m, while pre-tax profit increased from £82,000 to £955,000.

Stated within its report, the company said it has seen significant increases in its turnover, in excess of its compound year on year growth rate and profitability compared to the previous period.

The business added that the impact from the pandemic was limited due to its strong stock level of imported goods, which contributed to its strong trading during the period.