Lifestyle retailer Oliver Bonas has filed its accounts for 2024 with the company saying that profit after tax fell to £5.463 million from £6.826 million.

That came despite turnover increasing to £150.285 million in 2024 from £135.783 million the previous year. For the year as a whole the company achieved flat-for-like sales, helped by tighter stock levels and therefore lower markdown sales in the first half. It saw positive like-for-like sales in the second half.

Gross profit was £83.282 million, up from £74.438 million, but operating profit fell to £8.2 million from £8.9 million. Profit before tax was £7.879 million, down from £8.638 million and the company paid extra tax this year with last year’s taxation figure having been £1.8 million while this time it was £2.4 million.

The company, which makes and sells product categories including fashion, homewares, furniture and gifts, operates 90 stores in the UK and one in the Republic of Ireland, as well as its UK and Irish websites. It also has a presence on the Next marketplace.

It continued to grow its headcount in 2024 adding 88 people for a total of 1,684 at the end of the year. And it added to its store count as well with seven new locations opened while seven existing stalls were upsized or relocated.

But the company also warned that the economy isn’t doing it any favours. In a statement, it added: “The economic backdrop in 2024 did not provide a favourable trading environment. Although disposable incomes rose, in many cases this at best returned some people to where they were prior to the cost-of-living crisis.

“In any event the savings ratio rose, which indicated any extra income was being saved or used to pay down debt. As a predominantly UK company, the company is influenced by the UK economy. The outlook is not easy with cost rises coming through but growth hard to come by. We have to hope that the government’s growth ambitions start to bear fruit as the year progresses.”