Furniture and accessories retailer OKA has reported sales of over £50m.

According to its latest filed accounts for the year ended 29 June 2024, total sales reached £55.6m, up compared to £41.8m for the year ended December 2022. The results are over an extended period.

Adjusted EBITDA was £6.7m, compared to £6.3m, while pre-tax losses resulted at £46.9m, widening from a loss of £4.2m, although £39.7m of this was due to ‘exceptional items’ as detailed below.

Stated within its report, OKA said: “Revenue remained strong for the period and was driven primarily by a growth in average order values, with a shift in product mix towards higher ticket furniture and garden pieces, partly reflecting the continued growth of the Tailored range.

“Gross margin performance has remained healthy, despite supply chain disruption that significantly increased the cost of shipping containers to import OKA’s products from suppliers in the Far East.

“On 11 June 2024, the OKA Group, of which the company is a subsidiary, initiated the Chapter 7 bankruptcy proceedings its US entities. OKA Direct Limited held a significant debtor with the US entities, having historically funded the US operations working capital and growth costs.

“Whilst the decision to close the US business will significantly help the company, upon initiation of the proceedings, OKA Direct Limited was required to fully provide against the balance due from the US entities, resulting in an impairment charge to amounts owed by the group undertakings totalling £36.7m.”

As a result, OKA also filed for a company voluntary arrangement (CVA) in a bid to restructure the business, which was approved by creditors on 27 June 2024.

“The CVA enables us to now focus solely on the UK company, detaching it from underperforming international group companies which were causing working capital and liquidity issues for the company,” OKA added.