US market growing at pace for British furniture maker

Furniture manufacturer ercol has reported a slight decline in sales as well as widening losses.

According to its latest filed accounts for the year ended 31 December 2019, total sales fell 5.5% to £19.3m from £20.5m in 2018.

UK sales slipped 7.6% to £18.1m from £19.6m, while EU sales rose 3% to £544,000 from £528,000. Sales outside Europe also increased, up by 92.2% to £667,000 from £347,000.

Gross profit reduced from £6.3m to £5.7m, while pre-tax losses resulted at £2.3m, widening from a loss of £1.6m the previous year.

Stated within its report, the company said that steps have already been taken to address the fall in turnover and prior to the onset of Covid-19, its core UK market saw order intake significantly above the same comparable period.

The business added that performance in the US market has been its “fastest growing market” during the year.