Sales rise at flooring company but labour, energy and materials costs bite
Flooring business, AIREA, says it continues to focus on sales growth in existing and new territories with key wins in export markets, as it publishes its interim results for the six months ended 30 June 2023.
The Wakefield-based business has reported group revenues of £9.8m (2022: £8.5m) and pre-tax profits of £620,000 (2022: £656,000).
Martin Toogood, non-executive chairman, said: “The first half of 2023 has seen continued growth in our sales fuelled by a focus on refreshing our product offering and taking advantage of new markets.
“The current economic environment continues to put a strain on the cost of labour, energy, and raw materials.
“We do however continue to take actions to manage these risks with investments for the future such as the installation of our renewable energy solutions, all with a view to capitalising on the opportunities in our markets as and when wider macro conditions improve.”
AIREA notes that its cash reserves and strong balance sheet mean it can invest in the future of the business and manage the impact of the continued economic uncertainty and related risks.
The group adds its export sales were up 36% compared to the comparative period as demand recovered in most of its target export markets, with good progress being made in new markets.
AIREA says given its plans to continue to invest in the future of its business coupled with continued wider economic uncertainty it will continue to prioritise preservation of cash, so will not be proposing an interim dividend.
