Office furniture manufacturer Elite Furniture has reported a growth in profits despite a slight reduction in turnover.
According to Elite Office Furniture (UK) Limited’s latest filed accounts, total sales fell by 5.1% to £20.4m from £21.5m in 2015.
Sales across all of the company’s core geographical markets experienced a decline, with UK sales down by 3.3% to £19.9m, whilst its European and Rest of the World sales fell by 12.2% to £481,534 and 91% to £27,905 respectively.
However, despite the dip in revenues, Elite posted a gross profit of £10.9m, up by 6.8%, as well as an increase of 9.2% in operating profit to £7.1m from £6.5m.
Overall profit for the year resulted in a growth of 9.8% to £5.6m from £5.1m, whilst its end of year cash bank balance more than doubled to £4.2m.
The Goole-based business has recently confirmed plans to construct a new 300,000sq ft office, showroom and manufacturing facility near its existing premises, which is expected to be completed in the first quarter of 2017.