According to the March 2023 accounts for the company, which has sold carpets to luxury hotels, casinos and private residences worldwide, turnover increased by over £11.8m to £79.9m during the year. However, a challenging economic landscape and a 23% increase in the cost of sales saw the gross margin reduce from 41% to 38%. Despite this, the Portadown-headquartered manufacturer reported steady pre-tax profits of £3.2m for the year. In 2022 the company reported pre-tax profits of £7.9m, but this included a one-off gain of £5.6m from the sale of land. According to a spokesperson, record turnover in the US contract market was offset by…
