British furniture company Timothy Oulton has reported a decline in sales but a return to profit.

According to its latest filed accounts for the year ended 31 December 2023, total sales fell 21.3% to £13.6m from £17.3m in 2022, but were ahead of 2021’s figure of £9.5m.

Pre-tax profit resulted at £919,000, improving from a loss of £2.2m the previous year.

Stated within its report, the company said: “A significant proportion of the year-on-year revenue decline was attributable to £2m of revenue recognised by the parent company in the year ended December 2022 from the delivery of the Sofa Workshop open order book, following its purchase from the administrators of The Sofa Workshop Limited in April 2022.

“The company’s priority has been to refocus on the profitable distribution of furniture in addition to elevating the customer experience in its global flagship gallery, Bluebird.

“The parent company entered into an agreement to surrender the lease on one of its five UK showrooms during the year and took various steps to reduce its underlying cost base.”