Furniture manufacturer Leisure Furnishings has reported a decline in sales and profit.

According to its latest filed accounts for the year ended 30 September 2024, total sales fell 24.5% to £13.8m from £18.3m in 2023.

Pre-tax profit resulted at £684,000, down from £992,000 recorded in the previous year.

Stated within its report, the company said: “Turnover has decreased by £4.6m after what has been a challenging but successful year. Rising labour costs continues to be a challenge for the business, following statutory wage increase during the financial year.

“In the previous year it was unavoidable that these increases had to be passed on to our customers but in this current year we have had to absorb these additional costs, which regrettably led to a 15% reduction in our workforce.

“Despite these factors, there continues to be a cautious but positive outlook for the financial year ahead, with a number of cost cutting initiatives in order to mitigate rising costs and a fall in demand.”