Home shopping retailer Grattan plc has reported a reduction in turnover as well as a loss.

According to its latest filed accounts for the year ended 2 March 2024, total sales fell 17.3% to £63.5m from £76.8m in 2023.

Pre-tax losses resulted at £4.7m, significantly down from its profit of £7.7m recorded the previous year.

During the period, Grattan said that a shift in strategic focus across its brands led to reduced sales, which has been performed in conjunction with a sister company, Freemans plc.

The company said that 90% of turnover came from credit sales, whereas 10% came from cash sales. Gross margin improved from 36.7% to 40.9%.

“The company has made good progress in implementing the strategy in the financial period with key initiatives relating to business simplification, driving cost efficiency and product proposition advancing rapidly,” Grattan added.