Westco suffers a 31% drop in sales
Laminate and hard flooring distributor Westco suffered a drop in sales of almost a third in its past financial year. Turnover has almost halved in two years.
Turnover dropped from £26.72m to £18.41m as pre-tax profits fell from £896,000 to £329,000 in the year to 31 January.
The previous year turnover had fallen from £34.22m and pre-tax profits had dropped from £1.899m.
The company continued its 2013 policy of not paying a dividend.
The 2014 accounts repeated the director's view of the period from the 2013 accounts: 'During the year under review the market conditions remained challenging with the impact of fragile consumer confidence and the foreign exchange uncertainties. Despite this, background profitability has continued. The year end financial position is, however, considered satisfactory.
'The group will continue with its endeavours to widen the customer and product base and new opportunities within its market sector. Management initiated a vigorous cost cutting programme, which is ongoing, but recognises it will invest in training and new equipment during the next year to maintain operational efficiency.'