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Flooring maker Airea reports positive momentum as sales edge up

Flooring manufacturer Airea says it is well positioned for profitable growth with sales having edged up last year.

The Ossett-based maker of carpet tiles for the office and schools market reported a 0.6% rise in sales to £21.23m in 2024 as the second half of the year was said to have been 6% above the same period in 2023. Airea said the performance showed positive momentum amid turnaround efforts which include investment in its factory, and that it expected overall results for the year to be “satisfactory”.

Sales to international markets grew 11.8% in the second half but finished the year 5.7% below 2023, which the firm pointed to as improvement on a shortfall of 21.9% at the half year. Airea told investors on the London Stock Exchange that demand was strong for its carbon neutral and low carbon ranges, including products launched in the second half.

Elsewhere, trustees of the firm’s pension scheme have agreed what Airea called a “reasonable and affordable” recovery plan to address a deficit, which stood at £5m in March last year. The plan has been submitted with The Pensions Regulator for approval.

Airea said its immediate priority is the installation and commissioning of £5m investment into its Ossett base with equipment expected to be installed in the second quarter of this year and commissioned in the third quarter. The move is intended to increase production volumes at the site which currently employs about 85 people.

Martin Toogood, independent non-executive chairman of Airea plc, said: “The group is pleased to report positive momentum in the second half of the year. This encouraging performance was delivered despite the ongoing global economic and geopolitical challenges. Investment for future growth continued with an increased focus on innovation and sustainability, reflected in several new product launches. The order book at the end of the period remained strong.

“These are exciting times for the group and the board remains confident in the group’s long-term trading and growth prospects. The investment in our manufacturing facility is nearing completion and along with the ongoing transformation of the business, the group is well positioned for profitable future growth.”

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

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