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somnusYorkshire beds and components group Harrison Spinks posted record group sales and profits in the year to end June.


Consolidated revenues climbed 12 per cent to £31.6m with sales rising in both its beds and components business. The figures are the first to include a share of component sales from the group’s joint venture in the US.


Bed division sales rose 11 per cent to £28.8m while its components business — which supplies the beds division as well as external customers — was up 26 per cent to £13m.


Leeds based Harrison Spinks manufactures and sells mattresses  to retailers under various brand names such as Somnus, Harrison and Spink & Edgar, as well as developing and producing spring technology and growing its own natural fillings.


Group gross margin was up 370 basis points to 41.6 per cent while pre-tax profits reached £5.1m, up 84 per cent on the prior year. Harrison Spinks said both gross and net margin had risen mainly due to projects supported by the Regional Growth Fund, and other efficiencies.


The group generated a net £5.4m cash from operations (£2.8m) with overall net funds rising to £7.4m (2013: £5.8m) with it following 2012–13 capital expenditure of £3.5m with another £3.3m* in 2013–14.


The balance sheet value of the group climbed from £19.9m to £24m at the 30th June year-end dateline.


* 2014 net capital expenditure £1.8m (£3.3m less £402k from the sale of fixed assets and £1.1m from Government grants).


Analysis to come later this week



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