Upholstered furniture manufacturer Tetrad has reported its highest turnover since 2009 as well as seeing profits almost double.
According to its latest filed accounts for the year ended 29 April 2016, Tetrad posted an uptick of 12.6% in sales to £15.1m from £13.4m last year, which resulted in a pre-tax profit of £813,000, up by 83.1% from £444,000 in 2015.
Preston-based Tetrad highlighted that sales were boosted by the support of its ‘long standing’ and ‘loyal customer’ base, as well as continued investment in product development, brand building and within its employees.
Revenues grew to its highest point since it recorded sales of £17.9m in 2009, and maintained a consecutive growth since its £10.6m posted in 2014.
During the period Tetrad received maintained support from Lancashire County Council, allowing the company to invest heavily in the training and development of its staff, as well as incorporating a new IT system.
Tetrad indicated that it expects the next year to be just as exciting as it plans to invest in new ideas, including the debuting its new collection at the January Furniture Show 2017.
Tetrad indicated that the increased cost of raw materials are seen as an ‘ongoing pressure’, although it does expect to see order levels grow by 12% next year.
Janus Cooper, managing director of Tetrad told Cabinet Maker: “2015/16 was a good year for Tetrad where we benefitted from the investments we made in new product development and building up the Tetrad brand.
“This year has been positive so far with some new customer relationships being forged, however, we are constantly battling with the cost increases we see for raw materials which we see as an ongoing pressure.
“In 2017, we will continue to invest in new ideas, marketing & products and are very excited about the new collections which will debut at the NEC in January.”