Textiles company sees £4m drop in profits

Wakefield textiles manufacturer W.E Rawson has seen a drop in revenues and profits  but still remains “cautiously optimistic” about the future.

The family-run company, which is registered as Braveshire, manufactures and supplies fillings, carpets, liners, and felt tubing.

For the year ending 30 June 2018, Braveshire saw an 8.7% decrease in turnover from £73.5m to £67.8m. The company said that this was due to a combination of “volume and foreign exchange losses.”

Pre-tax profits for this period also decreased from £11.9m in 2017 to £8.4m., and operating profits dropped from £12.3m to £8.5m.

A dividend of £2m was paid out during the year.

The directors said they “believe that the results are satisfactory and remain cautiously optimistic about the future given the current economic climate,” and expect that the company trades “in a similar manner”  this coming year.