Online marketplace Notonthehighstreet has reported a decline in sales while losses narrowed.

According to its latest filed accounts for the year ended 31 March 2024, total sales fell 11% to £25.8m from £29m in 2023.

Meanwhile, total transaction value fell 12% to £120.7m from £116.4m year-on-year. This is an alternative performance metric defined as the gross sales including VAT, made on the Company’s website, from which the company earns a commission.

Pre-tax losses amounted to £5.4m, narrowing from a loss of £10.2m against the previous year.

Stated within its report, the company said: “The Directors remain committed to the long-term strategy focused on driving revenue and returning to profitability and have continued to invest in both marketing and technology.

“Throughout the current financial year, the performance of the business continued to be impacted, by reduced consumer confidence by the conflicts in Ukraine and the Middle East, the cost-of-living crisis and pressure on household income.

“As a result of the market challenges, in the last quarter of the financial year, a further restructuring programme was executed to reduce operating costs.”