Significant investment in new jobs, infrastructure and technology has led to turnover at Ulster Carpets rising by more than 17% to £79.9m in the year to 31 March 2023, latest accounts show.
Pre-tax profits fell from £7.98m to £3.25m, but 2022’s figures had been boosted by a £5.6m property deal.
The fourth-generation family-owned and run company has demonstrated renewed positivity through a major redevelopment plan at its Portadown headquarters that has created almost 50 jobs in the past 12 months to meet increasing demand. Employee numbers climbed to 660 in the year.
Across the Ulster Carpets Group, a £3million investment in new technology at wool processing company, Ulster Yarns, also created 30 new jobs in Yorkshire.
In his chairman’s statement, John Wilson expressed optimism following the record success in the competitive US market, new projects secured in the UK and European markets and strong results and a positive outlook for the Roger Oates Design and Danfloor subsidiaries.
‘The year under review marked the first full year’s trading in the absence of any Covid-related Government support policies. While the pandemic is now over, there is still a persistent tail of disruption which is taking time to fully settle down. Taking those two points into consideration it was pleasing to see that operating profits have remained steady,’ he says.
‘Global energy costs and suboptimal productivity have put pressure on margins but we expect that with increasing numbers of high-speed looms productivity and margins will improve. Rebuilding capacity at our headquarters in Portadown continues, with a committed investment programme. As intimated in last year’s accounts, it will be into 2024 before the full benefits of this will be realised.’
In June, the group bought Alternative Flooring (pictured).
