Wool fabrics maker experiences lull in demand

UK manufacturer of luxury wool fabrics for apparel and furnishings, Abraham Moon & Sons, has reported a slight decline in sales and profit.

According to its latest filed accounts for the year ended 31 December 2019, total sales were down 0.4% to £23m from £23.1m in 2018.

Gross profit reduced from £9.9m to £9.4m, while pre-tax profit also declined from £1.6m to £1.3m year-on-year.

Stated within its report, the company said that profits were affected by raw material price increases and overhead issues.

The business added that it has experienced a reduction in demand since the Covid-19 pandemic but believes it will come through the challenging period following heavy investment in design over the last five years.