Fabric supplier Panaz has reported a slight decline in sales as revenues remained over £20m.

According to its latest filed accounts for the year ended 31 March 2025, total sales dipped to £20.2m from £21m in 2024. However, turnover grew 8.3% from the previous year after stripping out one off sales.

UK sales were down to £15.1m from £15.8m, while EU sales fell from £4.4m to £4.3m. Rest of the world sales stood at £753,000.

Pre-tax profit resulted at £1m, down from £1.5m recorded the previous year.

Stated within its report, the company said: “Revenue increased in 2024-25 but operating profit was more challenging. The operating profit return is lower in comparison to 2023-24 and this is due to significant investment in sustainability, infrastructure, personnel and technology, much of which benefits the whole group. This gives The Panaz Group the platform to ensure significant growth for the future.”