Northampton-based workplace furniture design and manufacturer Frem Group has reported a double-digit fall in turnover, as the disposal of a subsidiary heavily impacted sales.
According to its latest filed accounts for the year ended 31 December 2015, total sales fell by 28.5% to £11.6m from £16.2m in 2014. The disposed subsidiary saw a reduction of £4.2m in revenue.
Despite the group selling a subsidiary for £968,115, continuing members also posted a decline in sales by 3.1% from £11.9m.
Operating loss for the year resulted in £97,785 compared to its profit of £786,016 in 2014. Within the report Frem stated that the operating loss is after charging £169,599 in respect of a loss on the disposal of a freehold property.
Frem reported a pre-tax loss of £130,618 for the year compared to its pre-tax profit of over £700,000 last year.
Despite the group being ‘disappointed’ with the results, it remains confident of future growth in the year ahead.