Bremworth, a New Zealand-based woollen carpet and rug business, has been investing to build a high-performing, sustainable business over the last six months.
This investment has included brand awareness, product and design, distribution, technology and sustainability.
Despite deliberate moves away from low-margin high-volume commercial business, Australian carpet and rug revenue is up 8%, with margins also improving.
The direct-to-consumer (DTC) rug business is achieving double digit growth and the company is planning to open brand experience stores.
Profits have been impacted by litigation and more recently, the adverse weather event of Cyclone Gabrielle which caused widespread flooding of the Napier yarn spinning plant.
The Board is reassessing whether original expectations around realising the full benefits of the transformation from FY25 onwards is still possible.
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