Belfast bedding supplier Bedeck reports loss as turnover moves past £35m
BELFAST-based luxury bedding supplier Bedeck has reported an annual loss of over £200,000, despite growing turnover past £35 million.
Bedeck, which has retail outlets across the UK and one in Dublin, of which most are located within House of Fraser, has seen a seen a shift from profit of over £1 million to a loss in the 12 months to September 30 according the firm's latest accounts. In 2016 the company reported pre-tax profit of £1.1m, but this has slumped to a pre-tax loss of £205,537. Average staff numbers have also fallen over the year from 355 to 331, bringing the company wage bill down marginally to £5.4 million.
Turnover though continues to grow at one of the world's leading luxury bedding suppliers, increasing by over 2 per cent from £34.5m to £35.2m in 12 months.
In the strategic report accompanying the accounts, the company directors described the performance over the year as "satisfactory" and believe the company will soon return to profit.
"During the year the company continued to develop new brands to increase the size of portfolio of licensed products. This is in conjunction with a range of well accepted designs, enabled us to grow our sales across all sectors.
"Whilst market conditions remain challenging, the directors anticipate that the company will remain profitable in 2017. The directors are satisfied with sales revenue and overall results, and are confident that trading margins will increase throughout the next financial year."
The release of Bedeck's annual accounts comes as the firm prepares to head to Hong Kong later this month as part of a UK delegation to showcase industrial and creative excellence to Asian companies.
The bed linen and homeware company is taking part in the GREAT Festival of Innovation, a four-day festival taking place from March 21 to 24.
Bedeck finance director, Matt Myers said it is a "fantastic honour" to be invited to the prestigious festival.
“Asia is obviously a huge potential market and one that we are eager to engage with," he said.
"Through our participation in the festival, we hope to learn and understand more about the Chinese market whilst highlighting our broad house brand portfolio. We see this as an opportunity to grow relationships with customers and suppliers whilst networking with other UK based companies.”