Home shopping retailer Grattan plc has reported a reduction in turnover as well as widening losses.

According to its latest filed accounts for the year ended 1 March 2025, total sales fell 13.8% to £54.7m from £63.5m in 2024.

Pre-tax losses resulted at £19.6m, significantly widening from a loss of £4.7m recorded the previous year. Gross margin reduced from 40.9% to 37.6%.

Stated within its report, the company said: “Turnover reduced against a backdrop of difficult trading conditions and a shift in strategic focus away from Grattan plc brands, and towards the Freemans brand which is part of a sister company, Freemans plc.

“The operating loss for the financial period was £19.4m compared to an operating loss of £5.0m in the prior period. As well as the reduction in turnover, the increase in operating loss was driven by the creation of a provision for £2.2m of onerous software licence costs and an impairment of £8.8m of intangible fixed assets.

“Both of these amounts relate to costs associated with an IT project, where delivery has been significantly delayed and is the subject of ongoing discussions with the project partner regarding performance and future delivery. During the financial period 93% (FY24: 90%) of turnover came from credit sales, whereas 7% (FY24: 10%) came from cash sales.”