Specialist furniture manufacturer SICO Europe has reported a decline in sales and profit.

According to its latest filed accounts for the year ended 30 November 2024, total sales fell 13.9% to £10.5m from £12.2m in 2023.

Pre-tax profit resulted at £124,000, down from a profit of £449,000 recorded the previous year.

Stated within its report, the company said: “Results for the financial year have shown a strong performance for the Group. Cost of material has continued to fall after the turbulent covid years, and this has enabled us to improve our margins.

“Business costs in general have also stabilised and allowed us to reduce our cost base to a manageable level. The ethos of cost management is well established with the Company and has reset our breakeven point to a good level setting us up for a positive 2025 and assuring profitability.

“Sales order intake took a downward turn for 2024. Through some turbulence in the sales team, we weren’t able to capitalise on all the opportunities the market offered, coupled with a difficult market due to school budget constrains in the UK, this led to missing sales target.”