Flexible foam solutions provider The Vita Group has reported a decline in sales as turnover remained over £170m.

According to its latest filed accounts for the year ended 31 December 2023, total sales fell 2% to £171.6m from £175.2m in 2022.

UK sales were up 0.5% to £134m from £133.3m, while EU sales decreased 15% to £32.6m from £38.4m. Rest of the world revenues rose 44% to £4.9m from £3.4m.

Pre-tax profit resulted at £5.4m, down from £6m recorded the previous year.

Stated within its report, the group said: “The company’s underlying volumes have decreased year-on-year, as a direct results of weak demand in the market.

“Significant reductions to the price of raw materials have been another key feature for the company in 2023. The company’s formulation cost based on these raw material prices fell from its peak in 2022 to its low point in 2023, driving down pricing and sales, and impacting the company’s working capital.

“The company has demonstrated rapid and effective cost control in responding to these challenges. Some areas, for example finished mattresses, have seen margin compression over the last couple of years as more competitors have moved into the space and customers have become more price conscious.

“The outlook for 2024 is not one of swift market recovery. Instead, there is an expectation of limited market growth, likely only in the second half of the year.”