Specialist bedding fabric and textiles developer Redwood has reported another reduction in both top and bottom lines.

According to its latest filed accounts for the year ended 31 December 2022, total sales were down 34.4% to £8.5m from £12.9m in 2021, adding to its decline of 7.1% from £13.9m in 2020.

Pre-tax profit resulted at £116,000, significantly down from £1.3m recorded the previous year, while declining once again from its profit of £2.1m in 2020.

During the period, the business saw staff numbers reduce from 138 to 109, with the reduction seen across production roles.

Stated within its report, the company said that the pandemic led to a temporary increased level in turnover during 2020 and 2021, driven by additional work from increased demand for medical based products.

“As most of the contracts have been fulfilled, turnover has returned to historic levels,” the company said. “Whilst turnover has decreased, the level of administrative expenses and distribution costs has marginally increased, principally reflecting property related and staff costs.”