British luxury bed brand Savoir Beds has reported a decline in both turnover and profit.
According to its latest filed accounts for the year ended 31 December 2024, total sales fell 15.8% to £10.1m from £12m in 2023.
Pre-tax losses resulted at £239,000, down from a profit of £684,000 recorded the previous year.
Stated within its report, the company said that gross margin was 66%, down from 67%. “Economic headwinds against a backdrop of recession and high interest rates around the world, designed to reduce inflationary pressures, created a challenging business environment in all the markets Savoir operates in.
“Elections in key markets also created uncertainty. While the very wealthiest clients continued to spend, many salaried clients became more cautious in their approach to consumption. Interior designers continued to grow in importance.
“New product launches continued both in terms of design and a new core product, the Savoir No5. The No5, launched at the end of 2023, gained significant traction in 2024.
“During the first half of 2024 the business was loss making. Savoir responded to the tougher market by right sizing the business in the second half. With this, founder Alistair Hughes became more involved in the business from June 2024 and Nicholas Alexandre left the company. The rest of the board remained unchanged.
“As a result of the work by the whole team, Savoir returned to profitability in the second half of the year. The full year result was a small loss at the operating level. The order intake was skewed by some large overseas orders.”
