Woodworking machinery, materials and components distributor, Ney Ltd, has reported a decline in sales as losses narrowed.

According to its latest filed accounts for the year ended 31 December 2023, total sales fell 13.3% to £12.3m from £14.2m in 2022.

UK sales stood at £10.9m, down from £12.4m, while EU sales were also down, from £1.7m to £1.4m.

Pre-tax losses resulted at £129,000, narrowing from its loss of £194,000 recorded in the previous year.

Stated within its report, the company said: “Together with the UK’s trading conditions the business has also reviewed its core products. These factors have resulted in a fall in turnover during 2023. However, the gross profit margin continues to improve overall and overheads are stable.

“Management remain cautious in the current climate and forecast a loss in 2024. The underlying trading operations of the company have strengthened and remain solid and the business is expected to return to profitability in 2025.”