Upholstered furniture manufacturer Whitemeadow has reported a growth in profit despite a slight decline in sales.

According to its latest filed accounts for the year ended 31 December 2024, total sales fell 6.5% to £54.5m from £58.1m in 2023.

UK sales were down to £50.8m from £54.3m, with overseas sales representing £3.6m, slightly down from £3.7m.

Pre-tax profit resulted at £2.9m, up from £2.7m recorded in its previous year.

Stated within its report, the company said: “Our gross margin has increased by 1.7% year on year. This has been primarily achieved through cost efficiencies and the reduction of labour both UK and overseas based contractor costs.

“Overall market conditions have been very challenging with tightening of the customer base, with increased imports from certain market areas, combined with pressure on consumer incomes driving reduced spending in the furniture sector.”