Ashley Manor vows to return to profit; Sister firm AMX growth continues with 25% sales uplift

10th September 2009 | upholstery | Bosses at upholstery firm Ashley Manor say a late 2008 cost cutting exercise came too late to salvage its financial results for the 12 months to the end of March this year. The manufacturer made a pre-tax loss of £176,951 following a 20% fall in sales to £11.6m.

AMX Design, initially set up as a sub division of Ashley Manor in 2001 to import leather ranges, fared better, and now represents almost three times the sales volumes of its big sister. Turnover for the same period climbed 25% to £28.6m although pre-tax profits dropped slightly to £421,739.

Ashley Manor directors said a dramatic slowdown in spending had prompted the sales fall - and that steps taken to re-dress the cost base within the company had come too late 'to salvage the result for the year reported on,' but that since then sales volumes had improved and it expected to return to profitability in it current trading year.

Despite sales dropping back to below £12m, this figure is still in line with its historical size. Back in 2005, the firm had a turnover of £11.7m albeit with a healthier £323k pre-tax profit.

In that same year, AMX Design's turnover was £5.9m.