Boxed mattress brand Simba Sleep has reported a decline in sales as turnover resulted at just under £50m.
According to its latest filed accounts for the year ended 31 December 2019, total sales were down from £76.1m to £47.9m, but this was against an extended 15-month period.
UK sales represented £38m, while EU sales stood at £7.7m. Outside the EU, revenues rose to £2.1m.
During the year, Simba decided to exit the US market to focus on core market growth, as well as relocating its French office back to the UK.
Gross profit for the year resulted at £15.7m, while pre-tax losses amounted to £16.3m – narrowing significantly against losses incurred during the extended comparable period of £49.2m.
Furthermore, Simba said it will head into profitability in the coming year and even saw a £30m reduction in administrative expenses as it continues to improve processes.