Supplier of decorative curtain, blind and upholstery fabrics, Fryett’s Fabrics, has reported a slight decline in turnover and profit.
According to its latest filed accounts for the year ended 29 February 2024, total sales fell 8.6% to £16.8m from £18.4m in 2023.
Pre-tax profit resulted at £3.2m, down from £3.5m recorded the previous year.
Stated within its report, the business said UK sales were down 8.7% to £15.6m from £17.1m, while EU sales rose 3% to £782,000 from £759,000. Sales outside the EU decreased 34% to £374,000 from £567,000.
The company added: “We have continued to perform well during the year. Following the increase in turnover post-COVID due to pent-up demand, sales have now settled above pre-COVID levels, despite the recent economic uncertainty. Sales to customers in the leisure sector were hit the hardest by the challenging market conditions, which resulted in a 36% decrease in turnover.
“The margin on sales to our larger customers has reduced due to a range of cost pressures, with notable increases in raw material and transport costs. However, we have managed to further increase our market share of cut length products, where the margin is stronger. As a result, the gross profit margin has improved by 2%.
“Despite the higher gross margin, retained profits after tax reduced by 15%. This was due to the decline in turnover alongside foreign currency losses in the year and a higher corporation tax rate.”
