Furniture supplier Bentley Designs has reported a decline in turnover as sales dropped by around £4m.
According to its latest filed accounts for the year ended 30 September 2023, total sales reached £14m, a decline from £18.2m in 2022.
Pre-tax profit resulted at £516,000, down from £1m recorded in the previous year.
UK sales were down to £10.4m from £13.8m, while revenues within its EU division fell to £3.5m from £4.4m.
Stated within its report, the company said: “After having made a recovery from the Covid period, the industry in general is experiencing severe downturn due to cost of living crisis.
“Furniture is discretionary expenditure and is one of the first item to be cut down or deferred when the consumer’s net disposable income is negatively affected. The company has been able to absorb the reduction in turnover by cutting expenses and by benefitting from favourable exchange rates.
“The supply chain management remains a challenge and is likely to remain so at least for the next year.
“The company will continue its focus on product development, new innovative designs and customer service. The directors expect the business environment to remain challenging for the foreseeable future.”
