Mattress brand Nectar Sleep has reported an increase in turnover as losses narrowed.

According to its latest filed accounts for the year ended 31 December 2023, total sales rose 1% to £13.6m from £13.4m in 2022.

Pre-tax losses resulted at £276,000, narrowing from a loss of £1.4m year-on-year.

Stated within its report, the company said: “The gross margin percentage increased to 49.3% (2022: 47.9%) during the year, reflecting the decrease of material and freight costs.

“The company made an operating loss of £276,913, reflecting the focus on profitability. However, management continues to maintain a tight control of overheads as the business grows, notwithstanding the challenging cost of living conditions.

“The company expects further revenue growth in the current year, as the product offering continues to be expanded. The director anticipates challenges in the wider UK economy, as a result of inflationary pressures, supply chain and logistics issues, and more fragile consumer confidence.

“The business will continue to monitor opportunities, challenges and continue to keep tight control over overheads.”