Bespoke upholstered furniture manufacturer Ashwood Designs has reported a slight decline in turnover and profit.

According to its latest filed accounts for the year ended 30 April 2024, total sales fell 7.5% to £28m from £30.3m in 2023.

Pre-tax profit resulted at £1.1m, down from £2.3m recorded in the previous year.

Stated within its report, the company said: “After significant growth since 2021 the business stabilised in FY24 with turnover of £28m, compared to £30.4m in FY23, reflecting market conditions and demand. Gross margin improved by 1.5ppts to 29.1% in FY24 thanks to efficiencies in operations and cost control.

“In June 2023 the ultimate parent of Ashwood Designs Limited was acquired by the Dunham Massey Investment Group, and has enjoyed a successful first year under new ownership.”