Sales fell for a second year in a row at the group behind home and giftware importer Lesser & Pavey in the year to end March with the company citing delivery delays from the Far East.

Consolidated accounts for Leonardo Holdings, which owns the Dartford distributor, show revenue dipped 0.7 per cent to £16.2m in 2014–15, narrowing from the 14 per cent fall a year earlier.

“The group has achieved a satisfactory result in another difficult trading year, with the retail market still being cautious and problems with delays in receiving stock from China,” said md Julian Hunt.

Pre-tax profits were down 18.8 per cent to £166,164. The group had cash and equivalents of £256,380 (2014: £45,621) and net debt of £5.8m (2014: £5.9m) at its 31st March balance sheet date.

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