Royal bedmaker posts increased profits after ‘resilient’ year
Royal Warrant holder, Castle Donington-based Hypnos says it has “overcome the challenges” presented by Covid-19 and Brexit to deliver a “solid” performance in its latest financial year to June 24 2022.
The firm, which suffered considerably with staff shortages immediately post-Brexit and Covid, posted profits of almost £1.3m (up from £740,000 in 2021) for the period on the back of turnover rising by 17% to £40.5m.
Hypnos said that rises in raw material prices and energy costs were “keenly felt”, but “efficiencies” within the business meant that price increases to customers were kept to a minimum.
The aftermath of the global pandemic impacted staffing levels due to a shortage of skilled workers and craftsmen, but “resourceful action” in the areas of recruitment and retention saw staff numbers return to the required levels by December.
In November last year, we reported that these efficiencies included job losses at Castle Donington after sources told TheBusinessDesk.com that Hypnos has lost the contract to supply beds to hotel giant Premier Inn.
Hypnos CEO James Keen said: “Like many companies, trading conditions in 2021-22 presented a unique set of challenges but as a resilient business, we were well placed to overcome these and create new opportunities.
“We remain confident that supply chain issues have subsided to manageable levels and that we are driving towards our ambitious growth objectives. As part of this, we continue to invest in all areas of our business, delivering the levels of innovation which our discerning customers require. This ensures we’re creating the highest levels of comfort, quality, durability, and design, all without compromising on sustainability.
“In summary, having recovered from the pandemic challenges from early 2022, the business is now focused on developing its platform for a successful future through its 120th anniversary in 2024.”
