Vinyl flooring and tiles manufacturer Amtico has reported a decline in sales but a growth in profit.
According to its latest filed accounts for the year ended 31 December 2023, total sales fell 4.6% to £114.5m from £120.1m in 2022.
UK sales rose 2% to £91.6m from £89.8m, while EU sales decreased 25.9% to £20.5m from £27.7m. Sales outside the EU declined 8% to £2.3m from £2.5m.
Pre-tax profit resulted at £11.4m, up from £5.6m recorded the previous year.
Stated within its report, the company said that trading conditions were ‘particularly challenging’ in Europe.
“Gross profit improved, despite the lower sales, due to a softening of raw material and utility costs and inflation more general, which started to fall in the second half of 2023. Gross profit margin increased by 7.3% through maintaining selling prices and some of the 2022 inflationary pressures easing.”
