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Harvey Jones Kitchens Releases Mixed Results

Harvey Jones Kitchens shaker

Bespoke kitchen manufacturer Harvey Jones Kitchens has reported on trading for the year ended December 2019.

In its latest accounts, the company said that 2019 was a "difficult" year and results were "disappointing".  Turnover decreased by 7.8% to £18.6, and operating loss was £0.05m.

By contrast, 2018 saw turnover of £20.2m and operating profit of £0.16m. 

Order numbers were fewer than during 2018 but average delivery value was higher, resulting in an increase to the 2019 order book.

Harvey Jones cited poor market confidence surrounding Brexit uncertainty and internal operations issues for the decline; advising it had taken steps to correct internal issues, including making changes to the management team.  These changes and a strong order book were expected to have improved performance in 2020.

Coronavirus

The documents state that the coronavirus pandemic has significantly impacted the business during 2020, and has the capacity to continue to do so until the virus is under control.  All showrooms were shut during the first lockdown but many staff were able to work from home, allowing for some sales during the period. 

New sales and deliveries took place throughout the year but at lower levels than 2019, particularly during April and May.  Some staff were furloughed by the business and have since returned, but the company said that has had to make a "small number of redundancies". 

Harvey Jones said that it has managed its working capital closely by working with suppliers and landlords, and has achieved an increase to its cash levels - £3.1m, plus an additional borrowing facility of £1.4m - which is expected to be sufficient to maintain activity until at least November 2021, based on worst case stress test scenarios, whereby turnover for 2021 drops below that of 2019.

Source : Insight DIY Team 

Image : Harvey Jones Kitchens - Grey Shaker With Curved Cupboards 

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25 January 2021

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