Fitted bedroom and home office furniture retailer and manufacturer, Sharps, has reported a growth in sales as turnover surpassed £130m.
According to its latest filed accounts for the year ended 1 October 2023, total sales rose 6.5% to £135.1m from £126.9m in 2022.
Pre-tax profit resulted at £16m, slightly down compared to its profit of £17.1m the previous year.
Stated within its report, Sharps said: “Despite the headwinds in the broader economy and the cost-of-living pressures experienced by our customers, demand for the company’s products continued to increase during the year albeit at a slower pace than seen in previous Covid impacted years.
“Demand being driven by a significant increase in marketing activity and supported by our philosophy of minimising pricing increases passed onto customers.
“The increase in turnover was offset by a significant increase in marketing costs as the business returns to more normal activity levels post Covid-19, higher energy costs and high levels of input labour price increases meant that underlying EBITDA reduced 6.2% (to £25.8m) on the prior period.”
During the period, Sharps reduced its showrooms by six, resulting in a year-end number of 35 locations, adding to the 21 showrooms closed the prior year.
