Kitchen furniture manufacturer Omega has reported a decline in turnover as profit fell into the red.

According to its latest filed accounts for the year ended 31 December 2023, total sales fell 10.2% to £54m from £60.2m in 2022.

EBITDA decreased to £3.3m from £8.9m, while pre-tax losses resulted at £1.3m, down from its profit of £4.3m recorded the previous year.

Stated within its report, the company said: “These results are solely attributable to macro-economic factors outside the company’s control, with the single biggest factor being continued inflationary pressure during the year, resulting in lower consumer demand for traditional bigger ticket items.

“In addition, the downturn in new housing developments had a significant impact on the contracts sector. An increase in profitability is envisaged in 2024, without market improvement, from actions taken in 2023.”