Specialist mobility products supplier for the furniture and beds industry, Pride Mobility, has reported a decline in sales.
According to its latest filed accounts for the year ended 31 December 2023, total sales fell 9.4% to £25.9m from £28.6m in 2022.
Pre-tax losses amounted to £376,000, widening from a loss of £276,000 recorded in the previous year.
Stated within its report, the company, which includes Pride Mobility UK and its sister brand, Sitting Pretty by Pride Mobility Ltd, said: “The year was challenging for Pride Mobility UK, with a slight revenue decline compared to that of 2022. This downturn was largely driven by the loss of a major customer, which had historically contributed substantially to the company’s income. The liquidation of this customer created a slight shortfall in revenue, but further allowing the company to expand more with smaller customers where the business traffic was diverted to.
“However, despite this small setback, Pride Mobility UK remained resilient, taking proactive measures to reassess its operations and strategic direction. The company embarked on a comprehensive review of its product portfolio, refining processes to create efficiencies and improve overall performance.
“On the other hand, Sitting Pretty by Pride Mobility Ltd continued to flourish with modest revenue growth in 2023 compared to the previous year. Specialising in rise recline lift chairs, adjustable beds, and fixed furniture, the company continued to serve a diverse clientele, including elderly individuals and those with mobility challenges. Despite growing competition, Sitting Pretty maintained a steady performance, buoyed by increasing demand for mobility aids and wellness products.”
Drilling down on performance by product line, the company continued: “Rise Recline Lift Chairs: As the company’s core product, rise recline chairs saw strong demand, driven by the aging population and individuals with mobility limitations. However, sales growth was tempered by price sensitivity in the market.
“Adjustable Beds: This product line showed the highest growth, benefiting from a broader market trend toward wellness and sleep quality improvement. Consumers were increasingly seeking health-focused products, positioning this segment for future expansion.
“Fixed Furniture: Fixed furniture underperformed relative to the other segments. With sales remaining relatively flat, the company faced stiff competition from larger, established brands and online retailers, necessitating a stronger focus on marketing and differentiation.”
Looking ahead, the group added: “Both companies have significant opportunities to capitalise on their unique market positions. The setbacks faced by Pride Mobility UK should serve as a catalyst for growth and improvement, while Sitting Pretty by Pride Mobility Ltd can build on its steady momentum to drive further expansion.”
