Trade supplier of gifts, interior accessories and home furnishings to retailers, SIL, has reported a reduction in sales.

According to its latest filed accounts for the year ended 31 December 2023, total sales fell 17.3% to £19.1m from £23.1m in 2022.

Pre-tax losses resulted at £919,000, down from a profit of £231,000 recorded the previous year.

Stated within its report, the group said: “Our team has navigated the turbulent waters of 2023 with resilience and strategic acumen. Our focus on the stringent control of costing and product sourcing allowed us to maintain our profit margin. Looking ahead, 2024 is a year of growth for us.

“Our agenda is clear; we have reduced stock and costs while maintaining our profit margins. We are aware of the difficulties that the first half of the year may present, but we are confident that with our robust strategies in place, the second half of the year will bring improved performance, a trend we expect to continue into 2025.

“In terms of external factors, it is important to note that the ongoing conflict in Ukraine and the subsequent sanctions on Russia have not directly affected our operations, as we do not have any business ties with these nations. However, we are mindful of how the potential inflationary pressures brought on by geopolitical events may affect us. We have also experienced delays in shipments due to the closure of the Suez Canal but have factored this into our expected shipment dates.

“Looking to the future, our strategic intent is to deepen our footprint in Europe. The market there presents a buoyant atmosphere, and we believe it is an opportunity we cannot afford to miss. Over the short to medium term, we plan to escalate our investment in the region.”