Losses more than doubled at Hull-headquartered bathroom products manufacturer Ideal Standard, despite sales increasing by 20 per cent.
A large tax expense was highlighted as the principal reason for the £2.8 million hit, up on 2020’s £1.2 million, with directors underlining a “strong financial position with a healthy balance sheet and good trading prospects”. Turnover was up from £120.4 million to £144 million in 2021, “mainly due to the easing of restrictions around the pandemic leading to increased sales orders,” finance director Rachel Whittaker underlined.
Home improvement and new home building surged on the back of lockdown, as has been seen in results from the likes of regional heavyweights Howden and Wren in the kitchen sphere.
