Wakefield-based flooring firm AIREA sees profits lift as demand returns

The group, which is one of the UK’s leading contract carpet manufacturers through its Burmatex brand, also saw revenue increase by 16.5 per cent, up to £18.5 million.

Médéric Payne, chief executive officer of AIREA plc, said: “AIREA has made continued progress and maintained a high standard of service to our customers, with improved revenue growth even in the face of economic challenges.

“Despite the inflationary cost pressures the group experienced throughout the financial year, we maintained our margins and balance sheet strength.

“Demand is starting to recover to pre-pandemic levels, as we have identified further export growth opportunities.

“With our focused strategy, whilst leveraging the Burmatex brand, we are building a strong platform for growth to deliver continued progress for AIREA and returns to its shareholders.”

Mr Payne was appointed CEO in August of last year, having previously worked as managing director of Multi-Brands with Al-Futtaim Group.

He previously held senior roles at Landmark Retail Group and Kingfisher Group.

2022 saw the firm also launch its new set of sustainability principles, eco2matters, which aim to improve “all aspects” of the group's impact on the environment and society.

Early in 2023, the firm released its first carbon neutral flooring range, named arctic.

Mr Payne added: “The launch of our sustainability principles, eco2matters, along with our product range and carbon-neutral flooring, focuses on the way we will improve the Group’s impact on the environment and society.

“These principles play an important role in driving the inherent long-term values of the group, and we are confident in our commitment to our ESG strategy.

“We have made progress in our energy efficiency and the group will continue to explore alternative methods to improve that further. “

In its results for the year, AIREA also announced that operating profit before valuation gain had increased by 25.8 per cent, rising from £1.3 million in 2021 to £1.7 million for 2022.

Net cash also increased by 53 per cent, up to £2.8 million from £1.9 million last year.

Last year, the firm also relaunched its employee share scheme to a wider employee pool, in a move it hopes will help to drive long-term performance.