fryettsEarnings doubled at the group behind North West furnishing fabrics supplier Fryett’s in 2014–15, boosted by rising sales and higher margins.

The Manchester group* — whose customer base includes upholstery producers and soft furnishings retailers — made £4.3m before tax (2014: £2.15m) in the year to end February.

Revenue climbed 8.5 per cent to £18m and gross margin increased from 23.8 per cent to 31 per cent year-on-year. Directors said the company had gained from foreign exchange and moving away from lower margin exports.

UK turnover increased by 15.6 per cent to £16.2m. Export sales to Europe were down 31.9 per cent to £1.39m, and by 23 per cent to £400,730 elsewhere.

Year-end cash increased by £3.7m to £12.05m for the privately owned company at the 28th February 2015 balance sheet date.

* figures are from the consolidated accounts of PBM Management Ltd

To read the full story: