Fitted furniture manufacturer Crown Imperial has reported a reduction in sales and losses of over £3m.

According to its latest filed accounts for the year ended 31 March 2024, total sales fell 22.8% to £45m from £58.3m in 2023.

UK sales were down to £44.8m from £57.1m, while exports declined from £1.1m to £247,000.

Pre-tax losses resulted at £3.2m, down from a profit of £335,000 recorded in the previous year.

Stated within its report, the company said: “This year we have experienced a further reduction in activity levels. This has been seen widely throughout our sector as household budgets have been significantly impacted by inflation and rising interest rates.

“Activity levels in the housing market have also reduced and consumer spending on high value projects such as kitchen replacements has often been delayed.”