Celebrity Motion Furniture, part of the JDP Group, has reported another growth in sales and profit for 2022/2023.
The company’s principal activities are the manufacture of upholstered furniture and its subsequent sale to the furniture retail trade in the UK. The company specialises in manufacturing upholstered furniture with inbuilt rise and reclining mechanisms supplying to both domestic and specialist retailers and the majority of its production is of such items.
According to its latest filed accounts for the year ended 30 September 2023, the company’s turnover increased by 10% during the year to £16.4m (2022 – £14.9m) with demand for motion furniture in particular rising recliners chairs continuing to be strong.
Stated in its report, Celebrity successfully completed the Voluntary Arrangement in June 2023. With creditors receiving 96p in the £ significantly higher than the 81p estimated in the administrators CVA proposals.
We have continued to see the impacts from the Ukraine war from 2022 along with the developing cost of living crisis having an impact on retailer and consumer confidence. We have maintained strong relationships with our retailers and our suppliers during the year. The main challenges have been the continued raw material increases along with the supply difficulties. Celebrity the company has continued to thrive despite the continued impact of economic circumstances on the general economy. We have been very proactive to look closely at the business and how we can help and support our workforce in these challenging times. In November after a successful 6-month trial we changed the operational working pattern from 5 days to 4 days still working a 39-hour contract. This has both a financial saving and better work life balance for our employees.
The company has also contributed towards the start of settling the CVA for its parent company JDP furniture Group and has made payments of £270k in this financial year.
The balance sheet in the financial statements shows that the company’s financial position at the period end.
Turnover has increased by £1,479,057 (2022: £5,077,130) and operating profit has increased by £96,190 (2022: £163,720). Net assets have increased by £457,123 (2022: £222,988) after taking into account dividends paid of £270,000 (2022: £270,000).
