Foam and fibre products manufacturer Platt & Hill has reported a growth in profit, despite a slight decline in turnover for the year ended 31 December 2015.
The Oldham-based family run business, which has been established since 1889, posted a ‘stable’ return in sales within the £9m bracket, although a small drop of 2% was incurred from £9.7m to £9.5m year-on-year.
However, with the costs of raw materials ‘tightly controlled’ and other costs ‘remaining stable and within budget’, the company posted a gross profit of £1.4m, up by 7.6% from £1.3m in 2014.
Overall profit for the financial year resulted in an increase of 14.9% to £384,413 from £334,135 year-on-year.
Attached within the strategic report, the business said: “The results for the year and the financial position were considered satisfactory, with continued success expected in the foreseeable future.
“Turnover is early 2016 is running on budget and the company remains in a strong financial position for the forthcoming year.”
Platt & Hill produce a comprehensive range of thermally bonded polyester fibre wadding’s. These have been developed for use across a spectrum of applications associated with the manufacturer of upholstered furniture, mattresses, bedding and soft furnishings.