Sofa-in-a-box brand Swyft has reported a growth in sales as losses amounted to over £5m.

According to its latest filed accounts for the year ended 31 January 2024, total sales rose 6.1% to £22.3m from £21m in 2023.

Pre-tax losses resulted at £5.6m, compared to a profit of £8.8m recorded the previous year.

Stated within its report, the business said: “The company has shown a strong performance despite the reduced levels of profitability being driven by macro-economic factors led by the cost of living crisis. The directors are pleased with the performance of the company and feel it is well placed for growth in the future as economic pressures soften.

“The retail market for upholstered furniture in the UK is highly competitive. The company’s success is therefore dependent on its ability to compete effectively, particularly during peak trading periods. The company continues to make substantial investments in marketing to maintain its leading brand status. This year, Swyft continued to expand our online reach, tapping into emerging markets and optimising our digital platforms.

“Next year, we will focus on growing our presence in emerging markets, expanding our product range, and strengthening our partner relationships. Since the year-end we have already launched our new ranges of dining and living room furniture and look to offer more products within this range as well as further products for other rooms within the home.

“We will continue to design and innovate our existing products such as sofas and beds. Another key focus for the year ahead is the improvement of our gross profit margin through streamlining of our manufacturing process and shortening the time it takes for goods to be delivered from date of ordering.”