Flooring supplier Havwoods has reported a decline in turnover and profit.
According to its latest filed accounts for the year ended 31 December 2023, total sales fell 16.6% to £40m from £48m in 2022.
UK sales were down 10.1% to £34.6m from £38.5m, while overseas revenues decreased 43.1% to £5.4m from £9.5m.
Pre-tax profit resulted at £4.5m, down from £7.3m recorded the previous year.
Stated within its report, the company said: “We launched our new exciting range of products during Q4 of 2023, bringing wood surface products to the market. In June 2023 we disposed of our composite decking (Trekker) which didn’t align with this focus. Adjusting for this disposal our turnover decreased.
“The year have seen a lot of disruption from external factors, which have led to inflationary pressures, high inflation rates, and ultimately impacting the cost of living crisis in the majority of Global Markets. The biggest impact has been experienced in our export market reporting a fall in turnover of £4m.
“The balance of the reduction is in our domestic UK market which has proven extremely resilient to the negative market influences showing a reduction of 7%. Our gross margin remaining consistent at 36.6% for 2023 and 2024. Overall, we have seen our margin on continuing operations decrease by £2.5m.”
