Airea returns to profit in full-year results

Airea returns to profit in full-year results

Ossett-based specialist flooring business Airea has reported a return to profit in its full-year results, with the closure of its residential carpets business helping it to achieve "considerable cost savings".

The listed company's profit attributable to shareholders grew to £2m in the year ended 31 December 2018, up from a £1.4m loss the year before.

Revenue also increased 8.4 per cent to £19.3m, from £17.8m achieved in the corresponding 12 month period of 2017.

Airea completed the closure of its Ryalux residential carpets business during the first half of the year and the company said this had "brought about considerable cost savings".

In their statement accompanying the results, the board said: "Airea plc is pleased to report significant growth in revenue and operating profit before exceptional items compared to the corresponding 12 month period. The decision to close the Ryalux business has increased free cash generation within the business supporting a progressive dividend policy. The group profit attributable to shareholders increased significantly compared to the prior year as the group enjoyed the benefits of sales growth and the closure of Ryalux.

"Successful launches of higher added value products and sales growth in UK and International markets has driven the improved performance in the year."

Airea's final dividend increased by 14.3 per cent to 2p from the interim dividend of 1.75p