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Profits advanced at Huddersfield furniture, lighting and homeware supplier Pacific Lifestyle last year, despite it posting lower sales.

 

The privately-owned importer and wholesaler more than doubled operating profits to £408,621 (2016: £168,740) in the year to end December.


That was largely down to a positive 320 basis point swing in gross margin to 28.7 percent and foreign exchange gains of £258,211, with it having booked a £526,111 currency loss the previous year.


Sales at the West Yorkshire business were down 5.5 percent to £13.1 million.


Pacific Lifestyle booked a narrower 44 percent gain in net income to £76,925, largely reflecting a £197,577 loss on financial instruments measured at fair value through its P&L.


* all figures from consolidated group accounts