Manufacturer and distributor of decorative lighting, Elstead Lighting, has reported a decline in sales and profit.
According to its latest filed accounts for the year ended 31 July 2022, total sales fell 7% to £11.1m from £12m in 2021. Pre-tax profit resulted at £414,000, down from £2.1m recorded the previous year.
UK sales were down 3.3% from £8.9m to £8.6m, while EU revenues fell 19% to £1.7m from £2.1m. Rest of the world sales were down from £921,000 to £783,000.
Stated within its report, the company said online sales in the UK have “slowed with the impact of the war in Ukraine, Covid and tightening global economic conditions”.
“Demand for products related to refurbishment projects is anticipated, and investment is being put towards expanding the product range,” the business said.
Furthermore, to support investment in the European sales team and recent acquisition of a French business, the parent group consolidated its native Polish operations into a new 7,300sqm warehouse.