Airsprung slumps on soft upholstery
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.SHARES in Airsprung Furniture fell 10p to 235p on news of a poor performance in the upholstery division's main subsidiary. A pounds 250,000 bad debt was incurred after a large retail customer went into receivership, writes Alison Eadie.
John Pierce, chief executive, warned that pre-tax profits in the year to March 31 would be the same as last year's record pounds 6m. The market had been expecting pounds 6.5m. Without the problems, market forecasts could have been comfortably exceeded, Mr Pierce said.
The upholstery company, which operates in the lower to mid-market, has suffered intense margin pressure and seen no revival in consumer spending, he said.
Turnover and profits in the beds, pine furniture and fillings divisions increased. The company has sufficient confidence to intend to recommend a final net dividend 5 per cent higher than last year, giving a total 6 per cent higher. Full results will be announced on June 8.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments