Fitted furniture manufacturer ECF has reported a decline in sales as well as a loss.
According to its latest filed accounts for the year ended 31 December 2024, total sales fell 11.7% to £17.3m from £19.6m in 2023.
UK sales were down to £16.7m from £18.9m, while EU revenues fell from £622,000 to £583,000.
Pre-tax losses resulted at £591,000, down from a profit of £336,000 recorded in the previous year.
Stated within its report, the company said: “After the sluggish and disappointing year in 2023 it seemed reasonable to expect that 2024 would show some level of recover as inflationary pressures in the economy eased.
“This optimism was soon extinguished however as the extent and depth of the ‘cost of living crisis’ became apparent and remained headline news as 2024 commenced. This negativity was then compounded by political turmoil in the UK, resulting in a general election and change of government.
“The downbeat assessment of the new government as to the ‘state of the nation’ only served to further depress the marketplace and appetite for customers to spend on discretionary ‘big ticket’ items such as kitchens, bathrooms and bedrooms.
“It became apparent by late summer that there was no significant recovery coming and subsequently staff numbers were reduced by approximately 15%. Whilst this disappointing adjustment was necessary, it would not subsequently show benefit until early 2025.”
