Supplier of decorative curtain, blind and upholstery fabrics, Fryett’s Fabrics, has reported a slight decline in turnover and profit.

According to its latest filed accounts for the year ended 28 February 2023, total sales fell 3.1% to £18.4m from £19m in 2022.

Pre-tax profit resulted at £3.5m, down from £4m recorded the previous year.

Stated within its report, the business said UK sales were down 3.9% to £17.1m from £17.8m, while EU sales slipped 2% to £759,000 from £775,000. Sales outside the EU increased 25.4% to £567,000 from £452,000.

The company added: “We have continued to perform well during the year, despite the recent economic uncertainty. Overall, turnover decreased slightly by 3%. Due to a range of cost pressures throughout the year, the gross profit margin has decreased by 1.5%.

“The company’s reserves at the year-end decreased by just over £100k to £15.5m after paying out dividends of three million. The reserves, together with the cash balances, are sufficient to manage foreign currency fluctuations, cost increases and any decline in the sector.”