Kitchen supplier Waterline has reported a decline in sales and profit.

According to its latest filed accounts for the year ended 31 March 2023, total sales fell 10.6% to £56.4m from £63.1m in 2022.

Pre-tax profit resulted at £404,000, down from £1.3m recorded in the previous year.

Stated within its report, the company said: “This year we have experienced a significant reduction in activity levels compared to the post-lockdown boom period. As supply chain backlogs were eliminated, the focus moved to storage capacity and our warehouses were filled beyond their optimum capacity for several months. 

“The situation was progressively brought back into line and stabilised at target levels prior to the year end. Pricing has increased dramatically during the year as manufacturers globally reflected increased energy costs within their product mix. These increased prices alongside increased interest rates have weakened consumer confidence and led to many consumers taking the decision to postpone their home improvement projects.”