Woodworking machinery, materials and components distributor, Ney Ltd, has reported a decline in sales as losses widened.

According to its latest filed accounts for the year ended 31 December 2024, total sales fell 13.8% to £10.6m from £12.3m in 2023.

UK sales stood at £9.3m, down from £10.9m, while EU sales were also down, from £1.4m to £1.2m.

Pre-tax losses resulted at £247,000, widening from its loss of £129,000 recorded in the previous year.

Stated within its report, the company said: “With the UK’s slow growth, machinery sales, in particular, saw a fall in turnover during 2024. Focus on customer service and supply chain management has been undertaken together with overhead management.

“The director forecasts improved trading results for 2025 and beyond. During 2024 the company negotiated favourable terms with one of its financial providers resulting in other operating income this year. There was a one off transaction, recognised in “other operating income”. This agreement also provides a reduced finance operating cost for the future.”