Employee-owned Penthouse Carpets is confident of future performance from a solid base after tough trading conditions in 2023 hit turnover by nearly 14%.
Filing accounts llast week for the full year to 30 June 2023, Penthouse said: “It has been a challenging financial year as the flooring market struggled against a harsh micro economic trading environment with persistent inflation and rising interest rates putting pressure on consumers’ discretionary spending.”
Turnover was down 13.8% to £14.6m and the directors said they did not expect the trading environment to change in the short term but added that they had “immense confidence in its products, personnel and customer service” which were vital to the company’s trading success.