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LONDON - AIREA plc (AIM:AIEA), a UK-based specialist in design-led flooring, held its 71st Annual General Meeting (AGM) today, where Non-Executive Chairman Martin Toogood provided an update on the company’s performance and future plans.
Despite economic and geopolitical headwinds, AIREA reported a moderate revenue increase for 2024, achieving £21.2 million, a 0.6% rise from the previous year, with an underlying operating profit of £1.6 million. The company is proposing a dividend of 0.6 pence per share, marking a 9.1% increase, consistent with its progressive dividend policy.
Toogood highlighted the company’s resilience in the face of a second-quarter slowdown in 2024, with a strong sales rebound in the latter half of the year. AIREA has also reached an agreement on a recovery plan for its defined benefit pension scheme deficit, following the triennial valuation in September 2024.
The company has decided to divest its investment property, valued at £4.1 million, which is currently on the market. This move is part of AIREA’s broader strategy for future growth, which includes the recent opening of a new showroom in Dubai in January 2025. The Dubai showroom is intended to serve as a strategic hub to boost sales across the GCC, MEA regions, and India.
Investments in the company’s manufacturing facility are nearing completion, positioning AIREA for profitable growth. The company has also launched new carbon-neutral and low-carbon product lines, rocklines® and threads®, which have been well received in the market.
For the first four months of 2025, revenue has already surpassed the previous year by 2.6%, indicating a positive start for AIREA. The Board expressed confidence in making further progress throughout the year.
This report is based on a press release statement from AIREA plc.
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