Manufacturer of polyurethane foams, Carpenter, has reported a decline in sales as turnover fell below £120m.

According to the latest filed accounts ended 31 December 2023, total sales fell 9.2% to £116.1m from £127.7m in 2022.

Pre-tax profit resulted at £18.2m, up from £17.3m recorded the previous year.

Stated within its report, the company said UK sales were down to £92.3m from £97.4m, while EU revenues fell to £16.9m from £21.6m. Outside the EU, sales declined to £6.7m from £8.6m.

Carpenter said: “The results for the year were satisfactory given that volumes had been impacted by low demand amid the cost of living difficulties and relatively high inflation.

“Raw material prices fell from the previous year’s highs, resulting in lower sales prices and turnover.”

On 12 June 2023, Carpenter completed the acquisition of Recticel Engineered Foams Corby Limited for a sum of £19.9m. (See related).