Furniture retail business AHF has reported a double-digit growth in turnover as the company continues to invest in both expanding its store estate and online presence.
According to its latest filed accounts for the year ended 31 March 2016, Anglia Home Furnishings Holdings Limited posted an uptick of 22% in sales to £23.7m from £19.5m in 2015, with like-for-like sales up by a strong 7%.
Due to ongoing investment in new stores and the launch of its new website, administrative costs grew to £11.4m, with the business resulting in an EBITDA of £0.4m. AHF said that profitability had been improved and was doubled from last year.
One key element to AHF’s continued growth is the rollout of new stores, with its shops in Northampton and Hayes already starting to deliver positive figures and is expected to boost turnover, including the other new Thurrock opening, to £27m in this financial year.
Matt Hesketh, managing director at AHF, told Cabinet Maker: “Trading has been excellent and our new stores have been a key to our success and have been trading extremely well. The new stores have outperformed expectations and our core stores of 7% like-for-like is massive for us.”
Keeping with its store expansion plans, Matt exclusively revealed to Cabinet Maker that AHF will be opening a 10,000sq ft branch in Rotherham in May 2017, creating nine jobs for the area, as well as confirming plans are in place to open another store next year, but couldn’t reveal the details just yet.
AHF has also seen a big shift within its online platform and launched a completely new website, which has already begun to pay dividends. Matt said: “18 months ago we didn’t really have a proper website. Now we have a brand new website, and is on track to do a significant amount of business for us. We completely rebuilt our online platform and it’s gone from nothing to £500,000 in the last year.
“Online is a big opportunity for us. The platform is a window for customers coming into our stores and eventually it will turn into a fully transactional site.”
Peterborough-based AHF, which operates from 15 out of town stores and three concessions, also stated that current trading has been very positive, with like-for-like sales up by 5.1% for the last 16 weeks, as well as indicating that the business is yet to experience a Brexit impact.