The Designers Guild Group, which designs, wholesales and retails furnishings fabrics, wallcoverings, upholstery, beds and home accessories, has reported a decline in sales and widening losses.

According to its latest filed accounts for the year ended 31 March 2024, total sales fell 10.4% to £36.9m from £41.2m in 2023.

UK sales were down from £13.5m to £12.4m, while EU revenues slipped to £16m from £17.8m. Rest of the world sales stood at £8.4m, down from £9.8m.

Pre-tax losses resulted at £3.9m, widening from a loss of £2m recorded in the previous year.

Stated within its report, the company said: “Sales continued to be dampened by unfavourable market conditions, particularly elevated levels of inflation which curbed customer demand across the industry.

“Despite the rising industry costs, gross profit margin remained consistent at 53.8% (2023 – 54.4%) highlighting the unique relationship between the Group and its supply chain.

“The cost reduction plan implemented in the previous financial periods continued to drive efficiencies, evidenced by a 4.8% decrease in operating expenses. Additional process improvements have been since the financial year end as the Group looks to prime operations for future market demand.”