Manufacturer of furniture and bedding springs, Wade Springs, has reported a decline in turnover as well as a loss.

According to its latest filed accounts for the year ended 29 September 2024, total sales fell 22% to £5.2m from £6.8m in 2023.

Pre-tax losses resulted at £701,000, down from a profit of £84,000 recorded against the previous year.

UK sales represented £5.1m of revenues, down from £6.6m, while overseas sales stood at £119,000, down from £120,000.

Stated within its report, the company said: “The industry and company have been impacted by the prolonged period of economic uncertainty and inflationary factors which have had a significant effect on the market and reduced order levels in the industry.

“Poorer market conditions are expected to continue whilst high interest rates and limitations on customer spending remain. The key business risks relate to the need to control costs whilst volumes are low and to increase sales whilst maintaining margins against this background and fluctuations in raw material and energy prices.”