Kitchen furniture manufacturer and retailer, Wren, has reported a decline in sales and profit.

According to its latest filed accounts for the year ended 31 December 2023, total sales to £967.3m from £1.06bn in 2022.

EBITDA stood at £116.9m, down from £150.4m, while pre-tax profit resulted at £74.8m, down from £112.2m recorded the previous year.

Stated within its report, Wren said: “As expected, following two years of exceptional growth, as demand surged post the global pandemic, the kitchen market experienced some normalisation in 2023.

“This situation was exacerbated by elevated interest rates and the cost of living pressures faced by all consumers. Despite these factors, the company’s turnover remained broadly similar to the year before.

“The expansion of the company’s retail network slowed during the year as the focus has been on building the manufacturing capacity the directors feel is necessary to meet future demand both in the UK and at a group level in the USA.

“As a result, only two new showrooms opened in the UK, one in St Helens and the other in Kidderminster.”

Outside the UK, Wren further established its presence, with sales in the USA rising to £16.7m from £11.4m, while the UK saw revenues dip from £1.05bn to £950.5m year-on-year.

On its bedroom range expansion, Wren added that it is now able to provide a full range to customers and expects to drive sales in this category moving forward with “foundations firmly in place”.

“Whilst we expect to see only a moderate level of sales in 2024 we would expect reasonable growth in this market thereafter,” Wren said.