That same percentage also reported that trade was better than the same time last year.

The survey, which is held twice a year in spring and autumn, maps out the key factors in the industry including employment, output, costs, and exports, as well as giving a clear indication of the opportunities and challenges BFM members anticipate for the coming six months.

A key theme to emerge from the survey is an easing of material price increases. In October 2022, 86% of respondents reported raw material rises, while in April 2023, rises were reported by only 15%.

Rising overheads and labour costs prompted 69% of respondents to increase product prices in the last six months, with the most common increase being 5%.

No redundancies were reported in the past six months, with none anticipated for the coming six months.

And while pressures from skill shortages have improved, with 46% having no issues to report compared to 23% six months ago, 54% still reported moderate to severe problems in recruiting skilled labour.

BFM Chairman Nick Garratt said: “Six months ago, the furniture industry was braced for a difficult winter.

“Optimism surrounding the general business situation had plummeted to -64% with one in five respondents to the October survey reporting that they were either making a loss or breaking even.

“With spring has come a new optimism thanks to stabilising material prices, a rise in order intake and a 31% leap in output.

“More survey respondents have reported falling profit margins (15%), but this is the lowest figure for two years and 38% of respondents are expecting cash flow to improve over the next six months.