Record turnover at furniture firm Symphony Holdings as it expands its reach

HOUSEHOLD FURNITURE manufacturer Symphony Holdings posted record turnover and operating profit last year after growing its presence in the private development and retail sectors.

The company, which is the UK’s largest privately-owned fitted furniture manufacturer, saw turnover rise nine per cent to £199m in 2016, up from £182.7m the previous year.

Pre-tax profit rose to £14.3m from £12.1m, while operating profit increased by 50 per cent to £18.7m.

Graham Smith, group finance director, told The Yorkshire

Post: “2016 was clearly an exceptionally good, and in many aspects a record year. Turnover grew strongly for the fifth successive year, rising to a new record. Growth came from both the private development (PD) and retail sectors, with PD in particular exhibiting further gains in market share.”

Symphony, which has been in business for over 45 years, supplies kitchens, bedrooms and bathrooms nationally and exports globally to over 20 countries. Customers include private developers, social housing providers and independent retailers.

There are a number of companies within the Symphony group including Charles Yorke, Ashes Properties and Park Springs Properties. The group employs more than 1,500 staff across two sites in Barnsley and Rotherham.

Last year was also an “excellent” year for cash generation, according to Mr Smith, with Symphony paying a medium-term loan paid in full, and ending the year with a net cash surplus of about £3m. There were a number of one-off and/or exceptional items which Mr Smith said were largely due to changes in the group structure and not relevant to the operating performance.

The dividend of £5.5m did not represent cash out of the group, as this was then loaned back to Charles Yorke and used to extinguish existing intercompany loans from Symphony Group to Charles Yorke, he added.

During the year, the company invested £5m in manufacturing and IT to take advantage of anticipated growth.