Colchester-based independent retailer Hatfields Home Furnishings has reported a second successive growth in turnover, albeit at a ‘slow’ and ‘gradual’ rate.
According to its latest filed accounts for the year ended 31 March 2016, total sales swelled by 10.9% to £7.1m from £6.4m in 2015. Gross profit also experienced a growth of 11.1% to £3m from £2.7m last year.
Operating profit grew 19% to £275,338, whilst overall profit for the year resulted in £201,214, jumping 25.6% from its recorded profit of £160,554 in 2015.
Stated within its report, Hatfields said that the potential fall out following the Brexit vote remains a ‘serious concern’ going forward, although key investments within its primary store location are being considered to give it a ‘fresh new look’ in the coming years.
As well as instore developments, the company, which was founded back in 1886, also confirmed that plans to develop its online trading platform are in works to maintain its appeal for its consumers.