Flooring specialist’s FY operating profits up 9.2%
AIREA saw 2023 full-year revenues rise by 14% to £21.1m, and operating profits up 9.2% to £1.8m.
The firm, which implemented its sustainability principles during the year, launched two carbon-neutral products and refreshed two low-carbon products during the period.
It said a £5m investment in its Osset factory, announced in January, would increase capacity and automate some processes by using AI imagery and inspection.
Chief executive Médéric Payne said, “AIREA made excellent progress in 2023 and has maintained a high standard of service to our customers, with revenue growth of 14.1% over the period. The growth was driven by an increase in demand for our more sustainable product ranges, with limited cost increases as raw material inflation eased through the second half of the year.
“We have firmly re-established our presence within the UK and ROI, outperforming the market. This has given the Group confidence to achieve greater growth scalability in the wider European and other key international markets.
“We more closely aligned our key products to the Group’s ten market sectors throughout 2023, resulting in an increased rate of sales growth. We continue to work closely with our customers to meet their needs and provide a market-leading service.”
Though economic conditions remained challenging, he said the firm had made a good start to the year. “Demand remains high for our carbon-neutral and low-carbon products, and we are confident of continuing to outperform the market through 2024,” he said.
