Miriad Products and Quest Leisure confirm joint 30% revenue growth in 2022
Following the acquisition of Quest Leisure in 2021, Slake Group have reported their first joint Q1 figures for Quest Leisure Ltd and Miriad Products Ltd.
They are jointly reporting revenue growth of 30% driven by the very buoyant camping and caravan retail marketplace. Quest report 118% organic growth in revenue coming from a range of sources including significant new business. This is supported by their access to a broader product range to sell and continued confidence in the staycation market along with high demand from garden centres and household name retail outlets.
Miriad has seen 48% organic growth from the retail sector whilst the large OEM market sales are positive at 5% growth. Despite challenging supply chain issues resulting in fewer new vehicles being manufactured, continuing delays in container deliveries and driver shortages, the small OEM order book remains extremely strong with a significant backlog of unfulfilled confirmed sales. As European supply chains gain momentum, the growth for Miriad small OEM’s is forecasted to continue.
Mintel 2022 on camping and caravanning, state ‘The volume of domestic camping and caravanning trips increased by 71% in 2021, reaching an estimated 16.4m.’ Mintel forecast a recovery period as far as 2025 where ‘domestic camping and caravanning is expected to build on the platform achieved during the pandemic, with, a strong budget appeal to financially constrained households, alongside growing demand for premium products amongst the more affluent’. This is the core market for Miriad and Quest and bodes well for future growth.