Independent furniture retailer Ponsford has reported a reduction in sales as turnover slipped below £8m.

According to its latest filed accounts for the year ended 31 July 2024, total sales fell 14.1% to £7.4m from £8.7m in 2023.

Pre-tax losses resulted at £57,000, down from its profit of £170,000 recorded in the previous year.

Stated within its report, the company said that gross margin decreased by 1.47% to 45.2% during the year.

“The impact of higher interest rates to combat inflation during the year has resulted in a lower level of consumer confidence in the housing market,” Ponsford added.

“The uncertainty caused by the general election also dampened demand. This has been compounded by pressure on sales and margins with larger than normal increases in fixed costs such as energy and business rates taking away opportunities for improved profits.

“The business has had to innovate to find ways to tackle these issues but despite the best efforts of everyone within the business, the results for the year remain disappointing.”