Thetford-based Multiyork Furniture fights back against challenging retail market
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Luxury furniture maker Multiyork is fighting back against a 'difficult retail market', by increasing sales and narrowing its losses.
The EDP Top100 firm, which employs more than 500 people across the country, saw sales rise by 9.7% to £47.7m for the year ending September 27, 2015, up from £43.5m the year before.
Pre-tax losses narrowed from £2m to £714,000, which the firm said was thanks to a focus on marketing and improving margins.
In the Thetford-based firm's latest accounts, posted on Companies House, the business said it expected the positive movement to continue.
'The company recorded a loss for the period and continued to operate in a difficult retail market,' it added.
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But with an improved performance, the firm said: 'The directors expect this trend to continue which, combined with a continued focus on rigid control on all expenditure and capital costs, is expected to deliver future progress in 2016.'
Founded in 1978 in Mellis, in Suffolk, Multiyork was bought by the Wade Furniture Group in February 1995, and now has more than 50 stores across the UK.
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It moved its factory and head office in 1992 to Thetford, where it produces hundreds of pieces of furniture each week.
A tough few years following the economic downturn was followed by a turnaround plan to improve the trading performance, which will extend into the year ahead, said the firm.
It said uncertainties affecting the company included the ability to increase sales while maintaining margins against the backdrop of a recovering economy.
Average monthly employee numbers for the year rose from 496 to 523.
Is your company expanding or experiencing a record year? Call business writer Sabah Meddings on 01603 772879 or email email@example.com