British furniture company Timothy Oulton has reported a decline in sales as well as a loss.

According to its latest filed accounts for the year ended 31 December 2024, total sales fell 37.8% to £8.2m from £13.2m in 2023.

Pre-tax losses resulted at £1.4m, down from a profit of £919,000 the previous year.

Stated within its report, the company said: “Group gross profit for the year ended 31 December 2024 was £4.8m (2023: £8.5m, representing a gross profit margin of 58.0% (2023: 65.4%). The reduction was primarily attributable to the change in the mix of business in 2024 compared to 2023.

“Whilst management believes that the macro environment for UK consumer spending will continue to be challenging in 2025, it is confident that the offering of the group, its position in the market and operational enhancements planned should result in an ongoing improvement in performance.”