Manufacturer of beds, upholstery and headboards, Airsprung Group, has reported a decline in sales with turnover remaining over £30m.
According to its latest filed accounts for the year ended 31 March 2020, total sales fell 9% to £33.3m from £36.6m in 2019.
Gross profit reduced from £6.5m to £5.5m, while pre-tax losses amounted to £2.6m, slightly widening from its loss of £2.5m the previous year.
Stated within its report, the group said that during the first three quarters of the year it was “enjoying a very significant improvement” with volumes growing from two major customers as well as creating new revenue streams for its upholstery business.
However, the Covid-19 pandemic impacted the group during the final quarter, which led to a re-structure to reduce costs. This has proven successful with the group well placed to benefit long term from the changes.
On the current year, the group added that it has seen a stronger performance with “many new opportunities ahead”.