Online marketplace Not On The High Street has reported a decline in sales as losses widen.

According to its latest filed accounts for the year ended 31 March 2023, total sales, from the commission of sold goods, fell 26% to £29m from £39.1m in 2022.

Pre-tax losses resulted at £10.8m, widening from a loss of £4.2m recorded the previous year.

Total transaction value declined 24% from £153.1m to £116.4m year-on-year.

Stated within its report, the company said that performance was impacted by the war in Ukraine, industrial action, the cost-of-living crisis and pressure on household income.

“As a result of the market challenges, in the last quarter of the financial year, a restructuring programme was executed to reduce operating costs including headcount,” the business said.

“As a result of the investment in marketing and technology teams, one-off restructuring costs and compounded by the market challenges, the company incurred a loss. The directors are confident that the necessary restructuring will position the business well to reduce our cost base overall and focus on revenue and profit growth in the future.”

As part of the restructuring, the business incurred costs of £856,000 in relation to staff, with numbers reducing from 212 to 198.