Furnishings fabrics and wallcoverings supplier Osborne & Little has reported a decline in sales as profit fell into the red.

According to its latest filed accounts for the year ended 31 March 2024, total sales fell 14% to £12.7m from £14.7m in 2023.

Pre-tax losses resulted at £983,000, compared to its profit of £118,000 recorded the previous year.

UK sales fell to £4.3m from £5.2m, while EU sales declined from £545,000 to £379,000. This excluded sales to Germany, which resulted at £2.3m – down from £2.7m, while US sales were also down from £5m to £4.5m. Rest of the world sales were flat at £1m.

Stated within its report, the company said: “The gross profit of £4.9m was 39% of sales compared to 38% in the previous year. The cost of living continued to rise as in the previous year, along with base rates of interest and stalling of the housing market which in aggregate contributed to the decline in sales.”