Manufacturer of polyurethane foams, Carpenter, has reported a decline in sales as turnover fell below £100m.

According to the latest filed accounts ended 31 December 2024, total sales fell 12.7% to £96.4m from £110.4m in 2023.

Pre-tax profit resulted at £166,000, down from £19.5m recorded the previous year.

Stated within its report, the company said UK sales were down to £83.2m from £87m, while EU revenues fell to £11.4m from £16.6m. Outside the EU, sales declined to £1.7m from £6.7m.

Carpenter said: “Fluctuating input costs had an impact on turnover, as did the weak demand and consequently turnover was impacted by a combination of price and lower volume and ended the year at £96.4m, 12.7% down on the prior year.

“On 1 April 2024, following the sale of customer relationships by its subsidiary Carpenter Engineered Foams Corby Limited, this resulted in an indicator of impairment in the CGU and an impairment charge of £14,766,000 against the cost of Investment was booked in the 2024 Statutory accounts.

“On 1 July 2024, the assets and liabilities and business of Carpenter Engineered Foams Corby Limited, a 100% owned subsidiary of the company, were hived up into Carpenter Limited and so the results reflect the second half year trading from that hive-up.”