Profit surges despite £20m sales slump at carpet maker

Carpet manufacturer Cormar Carpet Co. has reported an increase in profit despite sales declining.

According to its latest filed accounts for the year ended 30 September 2020, total sales were down 14.4% to £111.5m from £130.3m in 2019, a decline by £18.8m.

Gross profit reduced from £38m to £37m, while pre-tax profit increased 272.9% to £11.1m from £2.9m year-on-year.

Stated within its report, the company said that despite the impact following the Covid-19 pandemic, it saw a “strong restart and unprecedented demand” for its products in the final three months of the year.

This lead to the sharp rise in profit, while further strengthening the balance sheet.