Furniture brand Swoon has reported a decline in sales as losses almost amount to £1m.

According to its latest filed accounts for the year ended 31 December 2024, total sales fell 15.5% to £10.3m from £12.2m in 2023.

Pre-tax losses resulted at £844,000, significantly down from its profit of £188,000 recorded in the previous year.

Stated within its report, the company, which sells direct to consumer and through selected retail partnerships, said: “Challenging market conditions continued throughout 2024 with cost-of-living pressures impacting demand, which led to increased promotional activity across the furniture market.

“This resulted in a significant drop in turnover across the financial year and an operating loss despite improving gross margins (margin rose from 56% to 57%).”