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NORTH West fitted furniture vertical Neville Johnson continued to expand in 2016–17 with revenue, including its sister kitchens business, passing £50 million for the first time.

 

Year to end April revenue climbed 17 percent to just under £51 million for the group, with sales at Neville Johnson up 2.7 percent to £30.6 million and Tom Howley by 46 percent to £20.4 million.


The Manchester headquartered maker and retailer of living, dining, office and kitchen cabinets posted EBITDA* of £4.3 million at group level, also up 17 percent on the previous year.


Earnings are impacted by the capital structure of the business and high non-cash write-downs as a result of the 2014 secondary buyout of the group by Alcuin Capital Partners.


At consolidated pretax level, it made a profit of £167,000, compared with a deficit of £157,000 the previous year. A refinancing exercise (see related) will boost the reported figure in future years.


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* earnings before interest, tax, depreciation and amortisation. In its accounts, the group reported EBITDA as £4.5 mill. This is believed to be adjusted EBITDA.

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