London art and antiques dealership Mallett have announced an improved performance for the year ending December 31, 2013.
Mallett saw an increased turnover of 16% to £11.8m (up from £10.2m in 2012) and a reported profit before tax of £500,000, an increase from 2012's pre-tax loss of £100,000.
Figures were mainly boosted by strong sales in the first half of the year for Mallett US and resulted in a sales total of £6.8m, the second highest from the US showroom since it opened in 2003 and over double that of 2012, which was £3.1m.
As a result Mallett have decided to retain the New York showroom in its entirety to "maximise potential in the US market", reversing last year's announcement that it would close as part of cost-cutting measures.
"Our strategy of targeting new geographical areas has proved successful with sales in China of over £1m in the year [in 2012 it was £100,000]," said company chairman Lord Daresbury. "The recruitment of a local agent in Hong Kong plus targeted visits by our chief executive has proved successful in promoting the Mallett brand to the right client base in China."
The firm also now intend targeting Brazil and the Middle East through recruiting local agents to promote the Mallett brand.
They are also developing a new, multi-lingual website, which will include articles by experts on the decorative arts and individual aspects of the market, as well as hosting online transactions.
Chief executive Giles Hutchinson Smith said the decorative arts market, "particularly the antiques furniture market", is having to re-adjust to the new global sales arena.
"[Mallett's] strategy has therefore had to change in order to continue to deliver the business model that has been successful for over 100 years.
"At the top end of the market where Mallett operates, it is essential to maintain a top-quality showroom environment in which to showcase our stock, but we also need to extend our reach to new markets."