The transition to new owners hit Sofa.com’s bottom line in 2014–15 but the upholstery vertical maintained its sales momentum.

Pre-tax profits declined by 65.7 per cent to £883,687 despite revenue rising 12.8 per cent to £24.2m in the year to end February.

Those figures includes £584,922 of sales now classed as discontinued following the sale of its US subsidiary, which had also contributed a £718,799 loss.

Profits were also down because of one-off consultancy and professional costs totalling £1.1m incurred with the change of ownership to CBPE Capital Fund, which acquired Sofa.com earlier this year.

Underlying operating profits for the upholstery retailer—which trades largely online and also owns a sofa factory in Poland—rose 6.4 per cent to £2.7m.

The business generated a net £2.5m cash from operations (2014: £3.2m) with net funds increasing to £4.1m (2014: £3.7m) at the balance sheet date after net outgoings including capex (£1.5m) and tax (£648k).