Six years of sales growth at HSL
The seating and motion furniture specialist HSL has reported a sixth consecutive rise in sales as turnover edged towards £52m.
Total sales grew by 3.5% to £51.8m from £50.1m last year, as five new Retail locations contributed to the consolidated turnover increase.
There was a rise in gross profits by 6.5% to £22.9m from £21.5m in 2015, whilst pre-tax profit resulted at £1.5m, down from £2.7m recorded last year. Year-end cash increased to £1.2m from £1m
During the year HSL secured refinancing and put in place a new banking facility totalling £12.25m back in March 2016. HSL also invested in operational initiatives, which included new product ranges, senior appointments and recruitment within its services.
This investment, along with the costs incurred on the relocation of two stores, impacted operating profit by a reduction of 36.4% to £1.8m.