West Yorkshire headquartered mattress manufacturer Highgrove Beds has maintained its rapid growth as sales surpass £20m.
According to its latest filed results for the year ended 31 December 2015, turnover grew by 24.8% to £20.6m from £16.5m in 2014, the company’s third straight reported growth in revenue.
Gross profit also registered an uptick of 12.8% to £4.4m from £3.9m, whilst pre-tax profit for the period resulted in £2.1m, slightly down from its recorded pre-tax profit of £2.8m last year – primarily due to its new site investment but was ‘in line with expectations’.
Highgrove said to Cabinet Maker that the group expects to ‘operational efficiencies continue as the main benefit of this investment’, whilst also stating that further investment in people, plant and machinery is ongoing.
Highgrove stressed that it had been able to absorb the negative impact that the post Brexit fall in sterling has had on raw materials, but warned that consumers ‘will inevitably face increased costs in the coming months’.
Adding: “Being a privately owned business that can quickly adapt to any change in market conditions, we remain confident as it still leaves all manufacturers on a fairly level playing field and with the positive introduction of two new brands to our portfolio, we are well placed to further increase market share.”