Profits jumped 37 per cent for Birmingham furniture wholesaler Heartlands despite a dip in turnover last year.

2013–14 profits reached £721k at the pre-tax line, rising despite sales falling 2.1 per cent to £9.2m.

The privately owned firm’s profits were boosted by a 30 basis point rise in gross margin to 28.7 per cent, but also by falling distribution and admin costs.

The figures are for the year to end May 2014, and have only just been filed at Companies House.