Luxury interior furnishings group Sanderson Design Group PLC has reported a decline in full year sales and profit.

According to its audited financial results for the year ended 31 January 2024, total sales fell 3% to £108.6m from £112m in 2023.

UK sales were down 11% to £37.9m, while EU sales fell 8.8% to £9.9m. Revenues in the US rose 8.2% to £21.4m. Rest of the world sales decreased 5.8% to £9.6m. Manufacturing sales declined 10.3% to £35m and Licence revenue increased 67% to £10.9m.

Adjusted underlying pre-tax profit resulted at £12.2m, down 3.2% from £12.6m recorded in the previous year.

During the period, a significant number of new multi-year licensing agreements with a wide range of businesses including major retailers such as NEXT and Sainsbury’s was achieved, while it also announced a direct-to-consumer Morris & Co. online shop that will showcase the strength of the Morris & Co. full portfolio of core products and finished goods to the UK, USA and EU.

Dianne Thompson, Sanderson Design Group’s Chairman, said: “The positive momentum in our licensing activities has continued into the current year with two major renewals, with window coverings company Blinds 2go and rugmaker Brink & Campman, which together represent accelerated income of approximately £2.0m.

“Trading conditions overall are expected to remain challenging in the year. The Board remains focused on its strategic growth drivers, including North America and licensing, and remains confident in the business’s agility to navigate further market uncertainties, supported by the Company’s strong cash position. The Board’s expectations for the current year’s performance are unchanged.”