Colchester based Alstons advanced its market share last year
Colchester sofa maker Alstons Upholstery gained market share in 2017 after outperforming the wider market.

Sales increased 4.0 percent to £29.7 million in the year to December 31, 2017, according to new accounts. That advanced the Essex business' share of the total UK market by 20 basis points compared with the previous year, data compiled by The Furnishing Report indicates.

The manufacturer — owned by Thailand's TCM Corp since the spring of 2015 — booked lower profits as higher direct costs ate into margins. Its trading arm recorded net profits down 22 percent to £2.49 million.

Alstons' results are consolidated in the accounts of immediate holding company TCMC Furniture, whose numbers reflect the takeover three years ago. That includes the debt partly used to buy the business and the goodwill associated with the deal, which is being amortised over time.

EBITDA for TCMC Furniture declined 17 percent to £3.4 million with its net income down 10 percent to £984,000.

TCMC reported operating cashflow of £3.5 million, with the company using around £3 million of that to pay down the principal and interest on loans used to buy Alstons in 2015. It ended last year with cash totalling £2.9 million (2016: £2.8m).

TCMC's parent company is TCM Corp in Thailand, whose interest in DM Midlands — comprising the Ashley Manor, AMX and Alexander & James sofa businesses it bought in 2016 — is separately held. UK accounts for 2017 are not yet publicly available.