Interior fit out and joinery firm EE Smith Contracts has reported a decline in sales as turnover fell below £40m.

According to its latest filed accounts for the year ended 31 March 2024, total sales fell 50.8% to £36.9m from £75.1m in 2022.

Pre-tax profit resulted at £2.6m, slightly down from its profit of £2.7m recorded the previous year.

Stated within its report, the company said: “This year has been a year of consolidation following our record year of revenue in 22-23. While we have remained busy, turnover did reduce to pre-pandemic levels nearer the recent norm.

“This was mainly due to the three very large projects of the last two years all successfully completing around the same time and a notable slowdown in client decision making, which has stopped our recent project wins gaining the early momentum that we wanted.

“Our short to medium term outlook is pleasingly positive. There are several huge medium-to-long-term projects that we are involved in at the early stages of development. We are very hopeful that we will be successful n securing large parts of these, which will be able to build our revenue around over the next five years. The luxury high-end market continues to prosper.”