Furnishing fabrics supplier Ashley Wilde Group has reported a slight decline in sales as profit edged up.

According to its latest filed accounts for the year ended 31 December 2023, total sales dipped 3% to £44.4m from £45.8m in 2022.

UK sales decreased 8.4% to £33.8m from £36.9m, while EU revenues fell 14% to £1.8m from £2.1m. Sales from outside the EU grew by 31.8% to £8.7m from £6.6m.

Pre-tax profit resulted at £2.1m, up from £2m the previous year.

Stated within its report, the company said: “Demand for our products showed some weakening during the year due to inflation and increasing interest rates in the wider economy, but growing export markets compensated, driven by a strong product range and new products. Overall, sales were 3% below 2022.

“Our employees have worked especially hard this year to help deliver customer service and productivity during the year. Their experience and commitment help us to deliver value and innovative products to our customers. We would like to thank all our staff members for their efforts.

“New product development remains a key element of our business model. In-house designs as well as new and renewed licensed ranges, continue to drive demand from our customer base. Further new ranges in development for launch during 2024 are expected to further add to our leadership in the home furnishing sector.”