Sheffield-based bedroom furniture specialist Home Décor has reported a significant hike in turnover, largely due to its Portico acquisition made in the previous year, while also highlighting a rise in both internet transactions and other sales direct to the consumer.
According to its latest filed accounts for the year ended 31 December 2015, total sales grew by 29% to £28.8m from £22.3m in 2014. Gross profit registered an uptick of 28.5% to £9m from £7m last year.
UK sales lead the way, up by 31.3% to £26.4m from £20.1m, while also posting a rise in revenue across the rest of the world, more than doubling to £626,740. Within its European market, sales slightly slipped by 5% to £1.8m.
The acquisition of Portico on 17 February 2014 for around £4.4m was a major driver in the growth in sales, with the trade and assets fully transferred on 31 December 2014.
Home Décor reported an operating loss of £277,357 and an overall loss after tax of £553,507 – up from its loss of £64,631 in 2014 – largely due to an increase in overhead costs associated with factory integration issues in the first half of the year under review.
Recently, Home Décor confirmed the completion of two more acquisitions of kitchen specialists Optiplan Kitchens and the Manor Cabinet Company, which the group expects to further fuel growth.
The acquisition was funded by investment from Home Decor’s majority shareholder, Cerberus Capital Management, alongside a new funding package from HSBC. The Optiplan and Manor businesses will now come together to form a separate kitchen business within Home Decor.