Independent furniture retailer Ponsford has reported a reduction in sales as turnover slipped below £9m.

According to its latest filed accounts for the year ended 31 July 2023, total sales fell 10.8% to £8.7m from £9.7m in 2022. Pre-tax profit resulted at £170,000, down from £696,000 recorded in the previous year.

Stated within its report, the company said that gross margin decreased by 0.43% to 46.7% during the year.

“The impact of rising interest rates to combat inflation during the year has resulted in a lower level of consumer confidence in the housing market,” Ponsford added.

“This has put increased pressure on sales and margins with increases in fixed costs taking away opportunities for improved profits. Despite this, the business has remained profitable and has been able to invest in continuing improvements to its properties to lower future costs.”