KNOWSLEY textile firm Caldeira is continuing to look out for further acquisitions after reporting “a great result” for 2008 despite pressure on margins.
It purchased 14 Fabric Warehouse stores from administrators last May as the company expanded into retail to boost its manufacturing division. The stores continue to trade under the Fabric Warehouse name while being operated by a newly-created Caldeira Retail division.
It allows the group to manufacture and sell its products
The move, along with “rapid growth” in its Chinese manufacturing division, helped Caldeira’s sales jump 82% to £20m. The company said sales at its core cushion division have been maintained although profits have been hit during a year of economic uncertainty.
The difficult retail environment, which badly affected the homewares market, the fall in sterling and the demise of a key customer in the USA led to pressure on margins, but Caldeira still expects to announce healthy profits for 2008.
Managing director Tony Caldeirasaid: “Considering the difficult trading conditions, this is a great result. Hopefully Caldeira will be able to make further acquisitions this year.”
