18 May 2024, 21:32
By Furniture News Dec 10, 2015

Sales grow at Sofa Brands International

Sofa Brands International reports that its annual sales grew by 13.5% to £90.5m in the 12 months to 30th June 2015.

Strong demand for Parker Knoll’s product range raised sales by almost 30%, while turnover at G Plan and Duresta also made good progress on the previous year.

Scott Malvenan, CEO of Sofa Brands International, comments: “I am delighted to report the progress we have made in all three brands despite quite challenging conditions arising as the year progressed. Our brands performed strongly in the UK, well into the second half of the year when, as expected, the general election then cooled demand. Political instability abroad held back exports in our luxury brand as trade with Russia and its neighbouring territories dipped significantly. Demand in China also declined as the economy slowed in comparison with previous trends. 

"Our operating costs rose during the year as we built capacity to match the increased demand for our products, and we strengthened our management team in a number of key areas. Investment in our new enterprise resource planning (ERP) system was also substantial and implementation of this across our group will continue.

"We will invest further in our people, products and operations to strengthen the group. Trade remains challenging with the UK retail scene continuing to prove unpredictable, while exports to Russia and China are unlikely to recover quickly. We are working on a number of collaborations to strengthen our product offer, and we recently reacquired the cabinet rights to the G Plan brand. I am very excited about the momentum we are building in many areas.

"The acquisition of our group in January 2015, led by Promethean Investments, has created exciting new horizons for each of our brands to pursue.”

© 2013 - 2024 Gearing Media Group Ltd. All Rights Reserved.