The global owner of UK furniture business Willis & Gambier has reported a rise in sales despite ‘political and economic volatility’.
According to its latest interim results for the six months ended 30 June 2016, Samson Holding Ltd saw revenue grow by 2.2% to $215.9m (£163.2m) from $211.2m (£159.6m), with gross profit up by 10.3% to $59.7m (£45.1m) from $54.1m (£40.9m).
Despite the ‘heated’ presidential debate in the US and the ‘Brexit’ vote causing ‘disturbance’ to the weak US consumer demands during the first half of 2016, Samson achieved a ‘low single digit growth’ in the top lines, as well as improving its gross margins from 25.6% to 27.7%.
Samson reported a 25.9% decline in pre-tax profit to $7.7m (£5.8m) from $10.4m (£7.8m). The worldwide conglomerate said that the decrease was mainly due to the ‘negative impact’ caused by the conversion of Renminibi to US dollars, as well as the ‘unfavourable valuation loss on the Renminbi and the U.K. Pound Sterling’.
During the period, Samson expanded its group with the acquisition of Grand Manor Furniture, which will ‘open up an opportunity for the seating sector’ within the lodging industry in North America, Europe and Middle East.
Looking ahead, the chairman for the firm, Shan Huei Kuo, commented: “The outcome of the U.S. presidential election will certainly have significant impacts to our business market in the future.
“We believe that our business is in the early stage of moving out from the business recession since year 2010. The strong foundation we have built across our business models over the years has positioned us well to capitalise on continuing improvements in the economy.”