Furniture distribution business Willis & Gambier has reported a decline in sales, whilst its warehouse relocation project has impacted the company’s bottom line, latest figures reveal.
According to its annual filed accounts for the year ended 31 December 2015, total sales fell by 4% to £14.2m from £14.8m in 2014, with gross margin also decreasing during the period to 18.5% from 21.9% last year.
Willis & Gambier, owned by Samson Holdings, stated that foreign currency fluctuations, with the weakening of the pound against its primary US dollar, impacted the company’s profitability and saw an increased currency exchange loss to £1.2m, trebling from its loss of £334,000 in 2014.
During the period under review, Willis & Gambier said that it made a critical decision to relocate its Peterborough warehouse in 2016 to a new 170,000sq ft facility, which incurred a one-off expense that had a substantial impact on the company’s bottom line as overall losses widened from £531,000 to £3.2m.
The company reported an increase in cash at the end of year by 184.3% to £14.5m from £5.1m in 2014.
Within its filed report the company said that it will focus on new product development, on-time delivery, and quality control to further enhance the customer experience moving forward.