Independent furniture retailer Gillies of Broughty Ferry has reported a slight growth in sales as turnover edged closer to £25m.

According to its latest filed accounts for the year ended 31 August 2022, total sales rose 0.4% to £24.5m from £24.4m in 2022.

Pre-tax profit resulted at £2m, slightly down from its profit of £2.8m recorded the previous year.

Stated within its report, the company said: “Turnover for 2023 was recorded at a little above £24.5 million showing a small increase over the level achieved in 2022. Trading in the 2023 Financial Year settled back to normal patterns after years disrupted by the impact of Covid 19.

“However, trading conditions proved difficult given the impact of the War in Ukraine on the general economy, which brought about cost-of-living challenges for consumers, in turn impacting on confidence and on rising supplier and in particular energy prices for our business.

“Despite such difficulties the close involvement in the day-to-day operations of the business of our Board of Directors allowed us to react quickly to threats and opportunities as they arose and this approach contributed to a rise in Gross Margin year on year. Inflationary pressures were, however, brought to be bear on many of the Company’s costs, in particular Payroll costs.

“The company achieved a profit before tax for the Financial Year of just over £2.0m, a decrease on the level achieved in 2022 but this is an outcome that the Directors are satisfied with given the trading conditions faced.

“The company continues to follow a planned programme of refurbishment of its stores keeping the company’s offering at a high standard and ensuring that product ranges are kept appealing.”