Upholstery manufacturer Sherborne has reported another year of strong sales despite a slight decline in turnover.

According to its latest filed accounts for the year ended 30 June 2023, total sales stood at £23m, down 12% from £26.2m in 2022, but still ahead from 2021 when revenues reached 19.7m.

Pre-tax profit resulted at £200,000, down from £866,000 recorded in the previous year.

Commenting on its results, Sherborne said that the decline in sales was a reflection of the reduction in demand expected from the cost-of-living crisis and the impact of inflation during the period.

“The resultant reduction in demand for furniture was understandable compared to the previous year where demand was very high,” the company added.

“The business has worked hard to mitigate costs and wage inflation by re-organising production, adopting new systems and processes and pushing hard for cost reductions on direct materials and indirect overheads.

“During difficult supply chain problems across the upholstered furniture industry in late 2022, long standing supplier relationships enabled Sherborne to operate effectively without unnecessarily extending delivery deadlines.

“The business has worked hard to improve its working capital arrangements and continues to invest and train new staff in furniture manufacture and administration duties.”