British luxury bed manufacturer and exporter, Harrison Spinks, has increased turnover by more than 30% to almost £50m in its latest financial results.
Leeds-based Spinko Ltd, the holding company for bedmaker Harrison Spinks, has reported revenues of £48.4m for the year to 30 June 2016, and the company generated £37.2m in the 12 months prior.
Profit before tax at the business also grew by more than 50%. In 2015, the firm achieved profits of £5.9m, which grew to £9.1m in its most recent results.
The company cites the development of its pocket spring and natural fibre comfort technology, as well as maintaining its gross margin and improving its net margin due to continued focus on efficiencies, as the primary drivers of recent growth.
Furthermore, the luxury bedmaker recently began supplying premium beds to John Lewis’ first store outside the UK, in Dubai’s Festival City mall.
Ruairi Giles, commercial director of Harrison Spinks, explained: “We have continued to invest in both our business and staff to be a leader in making luxury beds. We recently announced our plans to invest £9m that will not only help our business to grow, but will also provide new innovations to revolutionise the bed industry.
“We are proud of our Yorkshire heritage and our significant growth has led to more employment opportunities locally, which can only be a good thing during this time of economic uncertainty.”
The aforementioned investment reportedly includes a new site at the manufacturer’s Leeds-based factory to house a larger innovation and technology centre, and additional offices for the expanding team.. The firm’s mattresses combine pocket springs which make use of wool sourced from its own flock of sheep, reared on a 300-acre farm.
Furthermore, managing director of Harrison Spinks, Simon Spinks, was recently announced as the new president of the National Bed Federation – the trade association representing the UK bed industry.