Sales drop fails to dampen Kingstown optimism as profits climb 45%

20th November 2009 | cabinet | British bedroom and living room cabinet manufacturer Kingstown says it expects to go from 'strength to strength' as profits rocketed in the year to 31st March.

Kingstown Holdings, parent to Kingstown Furniture and Consort Furniture, made a pre-tax profit of £0.63m - up from £0.43m in 2008. Group sales fell from £24.9m to £19.8m.

But the sales falls have now reversed, with management noting 'a marked improvement' in the period since March of this year.

Sales breakdown by subsidiary show an 11% sales fall at Kingstown Furniture, to £7.2m, and a 25% turnover drop for Consort, to £12.5m. Profits rose at both companies, however, by 42% and 23% respectively.

Average staff numbers across the group dropped from 362 in 2008 to 297 in 2009.