Seating and motion furniture specialist HSL has reported a fifth consecutive rise in sales as turnover surpasses the £50m mark for the first time.
According to High Seat Holdings Limited’s latest filed accounts for the year ended 31 December 2015, total sales grew by a monumental 39.4% to £50.1m from £35.9m last year, as 13 new retail locations contributed significantly to the consolidated turnover increase.
Gross profit also experienced a rise by 31.1% to £21.5m from £16.4m in 2014, whilst pre-tax profit grew by 42.1% to £2.7m from £1.9m.
During the year HSL said that it had continued investment into the long term future success of the business with a number of strategic initiatives, as well as product development and key board appointments alongside increasing its production staffing levels.
Following its investments, the group said that operating margin had increased to 5.6%, consistent with 2014’s 5.5%. The group incurred £1.1m of exceptional costs, which included ‘costs associated with the preparation for a bank refinancing exercise’, resulting in operating margin before exceptional costs at 7.8%.
HSL has maintained its retail store network rollout programme into 2016, with five new openings since the turn of the year, with further potential stores planned to add to its current estate of 58 across the UK.