The parent company of contract furniture manufacturer Andy Thornton has reported another decline in turnover.

According to its latest filed accounts for the year ended 31 May 2024, total group sales fell 16% to £9.5m from £11m in 2023, further adding to its decline of 23.6% from £14.4m in 2022.

Pre-tax losses resulted at £195,000, down from a profit of £229,000 recorded the previous year.

Stated within its report, the business said: “The increase in costs to generate revenue has impacted the profitability of the business. Net assets at the year end were £2m (2023: £2.2m).

“The Board have set realistic and very pragmatic targets for the next financial year and the strategic aims of the business over the trading period are to continue with the simplification of processes and product offerings and to major on the critical success factors that differentiate us from others in our market sector.

“The first quarter is in line with expectations and current levels of activity and opportunity provide the Board with comfort that the set targets will be met.”