posts 58% profit boost

Furniture retailer has seen profits soar nearly 60 per cent in the last year as it continues to expand into international markets.

In the 12 months to December 31 2016, sales jumped 48 per cent to £91 million, while gross profits jumped 58 per cent to £49.3 million.

Meanwhile, adjusted EBITDA saw losses reduced 38 per cent to £3.8 million, and its gross profit margins rose 330 basis points to 54.1 per cent.

UK growth remained high with revenues rising 38 per cent, outpacing physical competitors like DFS who are struggling with a decline in big ticket item sales.

International sales performed even better, seeing a 69 per cent rise in sales now accounting for over 35 per cent of total revenues.

This is thanks to the launch of a new flagship store in Paris alongside the launch of its first showroom in Germany.

“While our primary focus continues to be on winning pan-European market share in order to optimise this sizeable long term opportunity, the UK‘s move into profitability is a significant moment in the Group‘s evolution,” chief executive Philippe Chainieux said.

He added that the retailer is proving to customers that there needn‘t be hurdles to purchasing big ticket items online, as consumers are “growing in confidence transacting online, for home and big ticket items. Made is leading this change”.

“The coming years for Made are expected to be as transformational as the last,” he said.

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