LONDON, UK: AIREA plc, a leading UK-based specialist in design-led flooring, has reported a significant increase in its annual financial results for the year ending December 31, 2023. The company, known for its innovative approach to flooring solutions, has seen a 14.1% surge in group revenue, reaching £21.1m, up from £18.5m the previous year.

The company’s operating profit before valuation gain also saw a healthy increase of 9.2%, amounting to £1.8m, while EBITDA rose by 13.0% to £2.6m. Maintaining a stable financial position, AIREA plc’s cash and cash equivalents stood firm at £5.8m, with net cash experiencing a notable boost of 21.4%, now at £3.4m.

Shareholders have a reason to celebrate as the final dividend saw a 10.0% increase to 0.55p per ordinary share. This upward trend is a testament to AIREA plc’s robust financial strategies and commitment to delivering value to its investors.

On the operational front, the company has made significant strides in sustainability, with the successful launch of two carbon-neutral products, arctic® and osaka®, alongside the refresh of two low-carbon products, infinity and go-to®. These initiatives have been instrumental in driving sales growth and solidifying AIREA plc’s position as a champion of eco-friendly business practices.

The implementation of the Group’s sustainability principles, eco2matters®, across all business operations, further underscores AIREA plc’s dedication to environmental stewardship. The company’s board also welcomed Tanya Ashton as a Non-Executive Director and Conleth Campbell as Chief Financial Officer and Executive Director, bolstering its leadership team.

Looking beyond the reported period, AIREA plc announced a substantial £5.0m investment in its manufacturing facility in Ossett, West Yorkshire. This investment aims to significantly increase capacity and incorporate the automation of certain processes with state-of-the-art Artificial Intelligence imagery and inspection technology, marking a leap forward in manufacturing efficiency and innovation.

As AIREA plc continues to navigate the competitive flooring market, its latest financial results and operational achievements reflect a company that is not only thriving but also paving the way for a sustainable and technologically advanced future.

Médéric Payne, Chief Executive Officer of AIREA plc, commented: “I am pleased to report on the Group’s final results for the twelve months ended 31 December 2023.

“AIREA made excellent progress in 2023 and has maintained a high standard of service to our customers, with revenue growth of 14.1% over the period. The growth was driven by an increase in demand for our more sustainable product ranges, with limited cost increases as raw material inflation eased through the second half of the year. We have firmly re-established our presence within the UK and ROI, outperforming the market. This has given the Group confidence to achieve greater growth scalability in the wider European and other key international markets.

“We more closely aligned our key products to the Group’s ten market sectors throughout 2023, resulting in an increased rate of sales growth. We continue to work closely with our customers to meet their needs and provide a market-leading service.

“With the launch of the Group’s eco2matters® sustainability principles in December 2022 defining the scope of the direction for 2023, this accelerated the launch of two carbon-neutral products and refreshing two low-carbon products in the year. This is a significant step change in the business, and we intend to continue to invest for future sales growth, incorporating the eco2matters® principles and the journey towards net zero. We continue to transform the business with a more focused growth strategy centred on sustainability.

“The £5.0m investment in the manufacturing facility will enable the Group to increase production and capitalise on efficiencies, whilst bringing new, exciting, and more innovative products to the market. We are optimistic about these opportunities as we continue to build a strong platform for growth and delivering increased value to AIREA shareholders.

“Despite the current challenging economic conditions, we are pleased to report the Group has experienced a good start to the year. Demand remains high for our carbon-neutral and low-carbon products, and we are confident of continuing to outperform the market through 2024.”