Specialist bedding fabric and textiles developer Redwood has reported a growth in sales as turnover surpassed £10m.

According to its latest filed accounts for the year ended 31 December 2023, total sales rose 27.5% to £10.8m from £8.5m in 2022, ending a run of consecutive years of falling sales.

Pre-tax profit resulted at £331,000, more doubling from £116,000 recorded the previous year.

During the period, the business saw staff numbers increased from 109 to 144, with all of the new employees appointed within its production team.

Stated within its report, the company said: “During the year, the company was able to secure substantial additional work due to the increased demand for medical-based products and new product development.

“The net assets of the company have marginally decreased from the prior year to £4.4m (£4.6m in 2022). This is a result of 2023 profit being offset by dividends paid.”