The summarised results of Louise’s business for the three years to the end of 20X8 are as follows:

20X8 20X7 20X6

£ £ fi Sales 291 318 282 400 269 340 Cost of sales (213 916) (206 420) (196 071)

Gross profit 77 402 75 980 73 269 Expenses (52 394) (51 720) (49 270)

Net profit 25 008 24 260 23 999 Calculate the gross and net profit margins for each year and comment briefly on the general trends in the business trading results.