The parent company of contract furniture manufacturer Andy Thornton has reported a decline in turnover and profit.

According to its latest filed accounts for the year ended 31 May 2023, total group sales fell 23.6% to £11m from £14.4m in 2022.

Pre-tax profit resulted at £694,000, down from £2.4m recorded the previous year.

Stated within its report, the business said: “The net asset position of the Group remains strong at the period end with net assets of £3.4m (2022: £2.7m).

“The Board have set realistic and very pragmatic targets for the next financial year and the strategic aims of the business over the trading period are to continue with the simplification of processes and product offerings and to major on the critical success factors that differentiate us from others in our market sector.

“The first quarter trading has beaten expectations and current levels of activity and opportunity provide the Board with comfort that the set targets will be met.”

The new parent company, Andy Thornton (AP) Limited, was incorporated during 2020 to facilitate the exit of a previous shareholder of the company.