Fitted and freestanding cabinet maker Utopia Furniture says revenues are tracking target, with the speed at which it brings new products to market a continued strategic focus.

The West Midlands manufacturer, a leading supplier of cabinets to the bathrooms sector, booked EBITDA of £741,000 on revenue of £16.5 million in the year to December 31, 2017.

No direct comparison was available, with prior figures reported for a truncated six-months to end December 2016.

Utopia changed its year-end in 2016 to make it align with that of major customers, it said, with it reporting EBITDA of £514,000 on six-month sales of £7.9 million.

Over a two-year period, sales are up 6.1 percent.

Privately-owned Utopia cautioned that the EU vote had prompted difficult trading conditions but that sales remained on target and its performance had been satisfactory.

The Utopia group reported an £827,000 net loss, though this figure includes non-cash amortisation and depreciation charges of nearly £1.5 million with the business annually writing down the value of goodwill from an earlier business combination.

Cash generation was more in line with EBITDA, with it generating net cashflow from operating activities of £835,000 during the year. It invested half of that in new fixed assets and the remainder paying down debt.