Wade Group turnover grows to £71m but operating losses rise too

2nd July 2009 | furniture | Consolidated accounts for Multiyork and Feather & Black parent show turnover has risen again – to £71.02m from £70.49m – but operating losses increase to £2.26m from £0.55m the previous year.

Besides upholstery and bed retailers Multiyork and Feather & Black, the Wade Group also owns Delcor Furniture and Wade Spring – a supplier to the furniture trade.

In the company’s Director’s Report for accounts in the year to the end of last September, a return to profitability is predicted.

It says, ‘The group incurred a loss for the year and continues to operate in a difficult retail market. Continuing losses have been incurred although the group is trading ahead of its revised budgets and losses are expected to reverse when a full recovery is made in the medium term.

Shareholder funds stand at £27.35m.

Staff headcount remained fairly constant during the year, although there was a shift in the nature of staff roles. The number of administrative and sales employees dropped from 535 to 435, while manufacturing jobs increased to 459 from 370.