Woodworking machinery, materials and components distributor, Ney Ltd, has reported flat sales as profit fell into the red.

According to its latest filed accounts for the year ended 31 December 2022, total sales remained consistent at £14.2m.

UK sales stood at £12.2m, unchanged from the previous year, while EU sales also remained consistent at £1.7m.

Pre-tax losses resulted at £194,000, declining from its profit of £68,000 recorded in the previous year.

Stated within its report, the company said: “Turnover has been fairly consistent year on year and margins have improved in percentage terms, in spite of significant cost pressures, which are evident in the company’s costs.

“Management remain cautious in the current climate but are satisfied that the underlying trading operations of the company remain solid.”

Furthermore, the company has announced the death of Gerd Ney, its founder, who sadly passed away back in March 2023.