Flooring firm Airea optimistic despite unexpected sales slowdown harming profits

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Flooring maker Airea says an unexpected slowdown in sales in its second quarter has heavily impacted profits.

The Ossett-based manufacturer said a strong start to the year had been followed by a tapering of sales in international markets hit by ongoing economic and geopolitical concerns, including the Middle East, and uncertainty around the UK General Election. Half year results published to the London Stock Exchange show revenue for the six months to the end of June was down 5.9% on the same period last year, at £9.3m and operating profits reduced from £836,000 to £215,000. The firm also recorded a pre-tax loss of £68,000.

Chief executive Médéric Payne said that despite the challenging market conditions, the business had delivered a solid sales performance in the UK and Republic of Ireland. He said operating profit had also been impacted by non-recurring costs associated with major investment into Airea aimed at driving growth.

Mr Payne described a more encouraging start to the third quarter with positive trading in July and August and a strong order book. Airea is now said to be focused on installation and commissioning of new equipment at its Ossett factory – a £5m programme of investment to make some of its processes automated using AI imagery and inspection technology. That work is expected to complete early next year with the firm having previously said it will bring energy efficiencies as well as productivity gains.

Martin Toogood, non-executive chairman of Airea, said: “The year started well, with strong demand for our carbon-zero and low-carbon product ranges in the first quarter. The group then experienced an unforeseen slowdown in the second quarter, with international sales impacted by ongoing economic and geopolitical concerns. UK and ROI sales were less impacted, performing slightly ahead of the overall market trend.

“The group had an encouraging start to the third quarter, with positive trading in July and August finishing with a strong order book. We anticipate continued improvement in trading during the second half with several new product launches scheduled and the group is trading in line with the board’s recently revised expectations for the full year.

“The board remains confident in the group’s long-term prospects as we focus on successfully delivering the investment in our manufacturing facility in early 2025 and the ongoing transformation of the business, positioning it for profitable future growth.”

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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Flooring firm Airea optimistic despite unexpected sales slowdown harming profits

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