Adjustable beds, chair maker discloses revenue, cashflow…
The West Midlands furniture maker behind the Mi-Bed and Mi-Chair brands was more cash generative despite lower sales and profits in 2016–17.
Kingswinford based Furmanac disclosed the figures in new, amended accounts which included both P&L and cashflow statements, neither of which accompanied its original filing earlier this month (see related).
Sales declined 17 percent to £14.95 million, gross margin narrowed 890 basis points to 43.1 percent while net cash inflow from operating activities more than doubled to £1.13 million, which it used to pay down debt, invest in new assets and pay dividends.
Profits had already been disclosed in the directors’ report filed with its earlier accounts, where it said had found a number of cost savings as it looked to make itself more equipped to minimise the impact of external factors.