Manufacturer and distributor of decorative lighting, Elstead Lighting, has reported a decline in sales as profit fell in the red.

According to its latest filed accounts for the year ended 31 July 2023, total sales fell 9% to £10.1m from £11.1m in 2022.

Pre-tax losses resulted at £1.6m, down from its profit of £414,000 recorded the previous year.

UK sales were down 6% from £7.8m to £8.3m, while EU revenues stood at £1.7m. Rest of the world sales were down from £618,000 to £530,000.

Stated within its report, the company said: “The fiscal year of 2023 witnessed a transition with sales to European customers being delivered by the Polish and French associate companies. Whilst sales in the UK have slowed with the impact of the war in Ukraine, COVID and tightening global economic conditions.

“Throughout the 2024 financial year, the company is directing investments towards establishing new showrooms in the UK, additionally, there are plans for a website refresh and increased investment in online and digital marketing initiatives, all aimed at fostering future growth.”