Fitted furniture manufacturer ECF has reported a decline in sales and profit.

According to its latest filed accounts for the year ended 31 December 2023, total sales fell 8.9% to £19.6m from £21.5m in 2022.

Pre-tax profit resulted at £336,000, down from £617,000 recorded in the previous year.

UK sales were down 9.5% to £18.9m from £20.9m, while EU revenues rose 2.9% from £604,000 to £622,000.

Stated within its report, the company said: “The high level of inflation combined with rises in commercial borrowing interest rates has done much to cool activity and demand in the housing and property markets, putting builders and developers in a defensive frame of mind, with many projects being deferred.

“Residential sales activity has also declined, lowering demand for home improvement sales via retail outlets such as kitchen and bedroom studios. The ECF Far East supply chain has remained robust and viable throughout the year.”