The UK arm of instant hot water tap brand Quooker has hailed “heightened market acceptance” for its continued rise in its sales.
The Manchester-headquartered division has posted a turnover of £80.6m for 2023, up from the £72.4m it achieved in 2022.
According to newly-filed accounts with Companies House, the firm’s pre-tax profit also nudged up from £3.1m to £3.2m over the same time.
Quooker said its rise in turnover was due to “heightened market acceptance, bolstered by intensified advertising efforts” as well as the introduction of new product features.
However, the business aded that “challenges related to escalating costs and economic uncertainties posed headwinds to further profitability gains”.
The company generated a turnover of £73.5m from the sale of its Quookers while it also earned £7m from selling parts and services, up from £6.1m.
During the year the average number of people employed by Quooker UK rose from 76 to 117.
A statement signed off by the board said: “Despite facing challenges stemming from economic uncertainties, geopolitical tensions and ongoing global crises, the company demonstrated resilience and adaptability in its strategic approach.”
It added: “Despite facing challenges such as increased supplier costs and payroll expenses, Quooker UK managed to enhance its gross profit margin, reflecting effective overhead management and a strategic focus on the Sterling/Euro exchange rate.
“Operating profit saw a slight uplift, underscoring the company’s commitment to operational excellence.”
The UK division is part of the wider Quooker group which is headquartered in the Netherlands.
The company was founded in 1987 and operates across 16 countries while employing more than 400 people.