Wool carpet and rug manufacturer, Bremworth, has reported a $4.6 million profit after tax for the full year.
The company's net profit after tax dropped from $10.7m to $4.6m in the year ending June 30 2024, while annual revenue declined by $9.4m to $80.3m.
Bremworth attributed the decrease in revenue to the impact of Cyclone Gabrielle, which led to severely depleted inventory levels and challenges in accessing yarn.
However, the company's sales from its wool-buying division, Elco Direct, increased as it gained a larger share of the wool clip.
Bremworth, which is unencumbered by debt, also revealed a plan to return to dividends by 2026.
The company's chief executive, Greg Smith, said Bremworth was emerging from a period of significant transformation and was now focused on rebuilding the carpet business.
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