Fitted office furniture supplier Frem Group has reported a decline in turnover and profit.

According to its latest filed accounts for the year ended 31 December 2023, total sales fell 24% to £9.1m from £12m in 2022.

Pre-tax profit resulted at £357,000, down from £536,000 recorded in the previous year.

Stated within its report, the company said: “The reduction in group turnover results from a reduction in the group’s holding in one of its subsidiaries which took place in December 2022. As a result, the turnover of that company was included in the group results for 2022 but is not included in the results for 2023 as the company is now treated as an associate rather than a subsidiary.

“The company accounted for £3.9m of sales in 2022. The group turnover for the other components of the group increased by £1m.”

During the year the group sold its holding in subsidiary Associate Frem Group Screens to an existing investor, while acquiring a 50% holding in a new associate, Chairplan Limited.