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Hospitality market uncertain as retail remains "very strong"
February 15, 2021
Leading UK manufacturer Ulster Carpets says the group's residential business has returned "very strongly" from lockdowns but that the future for the hospitality sector is "less certain".
John Wilson commented in his Chairman's statement posted with the company's accounts last week: "Looking to the future, the market outlook seems to be split into two.
"The group's retail markets, in UK and Europe, have returned very strongly while the contract markets are less certain in keeping with the effects of the pandemic on the hospitality sector," he said.
Ulster has an enviable reputation as the supplier of choice to many of the world's leading hotel chains, cruise lines and casinos.
The company's accounts said Ulster had "weathered the initial storms" and retained strong cash balances after a programme of careful cost controls, a reduction in non-essential capital expenditure and by taking advantage of Government assistance.
Mr Wilson added: "It looks like the pandemic will take some time to properly abate and so the immediate 12–18 months will be potentially difficult. However, backed by strong cash reserves and an ongoing investment programme, we look forward to the future with guarded optimism."
The company's accounts were reporting for the 12 months ended 31 March 2020 and showed turnover had declined 3% to £72.2 million.
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