Specialist office furniture manufacturer SBFI has reported a decline in sales and profit.

According to its latest filed accounts for the year ended 30 November 2023, total sales fell 20% to £15.6m from £19.5m in 2022.

Pre-tax profit resulted at £2.8m, down from £6.2m recorded the previous year.

UK sales were down 21% to £7.3m from £9.3m, while EU sales fell 7% to £1.3m from £1.4m. Rest of the world revenues also decreased 20% to £8.7m from £6.9m.

Stated within its report, the company said: “The directors are pleased with the result for the year, as although turnover was less than the previous year, the margins remain good and in line with previous years.

“The company continues to invest in the design and development of its products and leads the way in desking technologies. The directors regard the investment in research and development as integral to the continued success of the business and ensuring the customers are provided with a product range and customer service of the highest quality and specification.

“Research and development activity continues to be very busy, with the company looking to introduce new products to satisfy new work trends, including the provision of mobile desking/floor boxes to facilitate rapid moves and changes.

“Major repair works on the Newhaven factory facility were completed during 2023, with the replacement of the roof and refurbishment of offices, which will carry over into 2024. 2024 is looking promising in terms of orders secured in both the UK and APAC regions.”