Fabric supplier Panaz has reported another growth in sales as revenues surpassed £20m.

According to its latest filed accounts for the year ended 31 March 2024, total sales rose 7.6% to £21m from £19.5m in 2023, adding to its previous growth of 15.3% from £16.3m in 2022.

UK sales were up 9.7% to £15.8m from £14.4m, while EU sales rose 10% from £4m to £4.4m. Rest of the world sales decreased to £779,000 from £1m.

Pre-tax profit resulted at £1.5m, up from £1.4m recorded the previous year.

Stated within its report, the company said: “Revenue increased by over £1.6m in 2023-24 and operating profit improved marginally. The operating profit return is lower in comparison to 2022-23 and this is due to significant investment in sustainability, infrastructure, personnel and technology. This gives Panaz the platform to ensure significant growth for the future.”