Luxury furniture retail and wholesale business Andrew Martin has reported a decline in sales although turnover remained over £20m.

According to its latest filed accounts for the year ended 31 December 2024, total sales fell 3.5% to £23m from £23.9m in 2023.

Pre-tax profit resulted at £216,000, down from its profit of £1.2m recorded the previous year.

UK sales declined to £19.6m from £21.3m, while US revenues increased to £968,000 from £820,000. Sales in the EU rose to £1.4m from £1.1m, while sales across the rest of the world increased to £992,000 from £582,000.

Within its divisions, furniture sales dipped to £19.4m from £20.5m, with fabric sales rising from £3.3m to £3.6m.

Stated within its report, the company said: “This decrease was primarily due to a reduction in the number of commercial interior design projects completed by the group in 2024, compared to the previous year.

“The directors believe the group’s relative performance illustrates the resilience of its brand and business model, despite a challenging year within the luxury furnishing industry in the United Kingdom, reflecting subdued customer sentiment.”