Wednesday, February 21, 2024

Bremworth charts path to wool

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Wool carpet and rug maker Bremworth reported growing demand for its premium products and a net profit after tax of $1 million in the six months to December 31.
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Bremworth chief executive Greg Smith says its long-term all wool strategy is on track and the company is making excellent progress.

Wool carpet and rug maker Bremworth reported growing demand for its premium products and a net profit after tax of $1 million in the six months to December 31.

It claimed to see a change of consumer sentiment away from synthetic fibres to wool.

Within the past 12 months brand awareness and positive brand associations have increased, driving strong demand and increasing sales of premium wool carpet and rugs, which now comprise 76% of total revenue.

Elco Direct, the wool-buying business, delivered a stronger result, with a $2.7m revenue increase and an uplift in average selling price, as it benefitted from growing demand for quality strong wool.

“This year we have started to rebuild the new Bremworth, a business for the future, and while there is still much to do, we are confident in our strategy and excited about our plans,” chief executive Greg Smith said.

“Our long-term all wool strategy is on track and the company is making excellent progress across its FY22 priorities.

“Despite the challenging conditions and supply chain headwinds, our team has delivered a solid result.”

Revenue was $48.7m compared with $60.3m in the previous corresponding period.

Wool carpet revenue was 37.2m, an increase of nearly $2m.

Bremworth, formerly Cavalier Corporation, is still selling down its stocks of synthetic-fibre carpets but has stopped manufacturing them.

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