Wool traders and processors G. Modiano has reported a decline in sales as turnover fell well below £160m.
According to its latest filed accounts for the year ended 31 March 2024, total sales fell 24.2% to £123.8m from £163.5m in 2023.
Sales in the EU accounted for £87.2m, declining from £128.2m, while revenues outside the EU rose 3.3% to £36.5m from £35.3m.
Pre-tax profit resulted at £7.2m, down from £15.5m recorded in the previous year.
Stated within its report, the company said: “The prospect of a continued downturn or recession in Europe remains a very real threat. However, the company has a good order book and demand is currently stable. We believe we can scale our operations to meet any likely fluctuations in demand caused by either a recession or a return to growth.”
G. Modiano is based in the UK and has sourcing operations in Australia, New Zealand and South Africa, as well as its processing division in Czech Republic and sales offices in Turkey, China and Italy. It is one of the leading suppliers of wool tops to the European textile trade.
