Northern Irish furniture wholesaler Annaghmore Agencies has reported a slight dip in sales as losses widened.

According to its latest filed accounts for the year ended 31 December 2023, total sales fell 17.7% to £10.2m from £12.4m in 2022.

Pre-tax losses resulted at £371,000, widening from its loss of £185,000 recorded the previous year.

Stated within its report, the company said gross profit margin resulted at 31.7% with year-end net assets of £4.3m.

Commenting on the results, the company said: “The directors find the company’s annual performance and year-end position satisfactory given the current trading conditions. A decrease in disposable incomes and ongoing global events impacting stability have contributed to a decline in revenue and overall profitability.

“However, the directors are committed to long-term creation of shareholder value by increasing the company’s market share through organic growth. Whilst the incoming year is significantly challenging, results to date suggest the company have been able to perform well despite testing conditions.”