Mattress brand Nectar Sleep has reported a decline in turnover as losses widened.

According to its latest filed accounts for the year ended 31 December 2022, total sales fell 50.7% to £13.4m from £27.3m in 2021.

Pre-tax losses resulted at £1.4m, widening from a loss of £0.8m year-on-year.

Stated within its report, the company said: “The decrease in revenue is principally due to the decrease in online demand coming out of COVID-19 restrictions and a challenging economic and political climate.

“The gross margin percentage increased slightly to 47.9% (2021: 44.0%) during the year, reflecting the increase of pricing and cost saving exercises.

“Across the year we experienced foam availability issues and volatile supply chain price increases (+4.0%) which in turn meant we had to increase our consumer pricing. We saw an increase in buyers remorse with consumer confidence at an all-time low.”

Looking ahead, Nectar added: “The company expects further revenue growth in the current year, as the product offerings continue to be expanded.”