Fibres manufacturer International Fibres Group (IFG), which supplies to a variety of industries including furniture and flooring, has reported another decline in sales within its UK division.
According to its IFG Drake’s latest filed accounts for the year ended 30 June 2024, total sales fell 14.2% to £19.9m from £23.2m in 2023, adding to its decline of 22.4% from £29.9m in 2022.
Pre-tax profit resulted at £549,000, down from a profit of £1.3m recorded in the previous year.
Stated within its report, the company said: “Fibre volume was relatively stable against prior year although greater levels of seasonality were apparent. Many customers adopted a just in time approach to stock management meaning short term forecasting became more difficult.
“This impacted raw material purchasing and price which continues to be volatile. Labour inflation remained a significant concern as does energy cost both of which impacted profitability.”
International Fibres Group (IFG) is one of Europe’s leading independent producers of polypropylene-based staple fibres, an input product with reinforcing, insulating, separating or draining properties. The fibre is used in the production of flooring, rugs, furniture, filters, foodstuff packaging, car interiors and nonwoven fabrics. IFG has production facilities in Belgium, the United Kingdom and Austria.
