Booths has slashed its losses as its sales hit a record high of £300m.

The upmarket grocer’s sales jumped 6.7% to £318.6m in the financial year ending 30 March 2024, as it cut its pre-tax losses from £4m to £1.5m.

Booths last made a pre-tax profit in the year ending 2 April 2022, when it made £3m, however, the supermarket said it was “pleased” with this year’s result.

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It said its performance ensured a “continued sustainable platform for future growth”.

“We have achieved a solid result for the year despite the challenge of managing inflation which, although starting to fall, will remain above the average, not least due to the effect of climatic conditions on the food supply chain.

“Interest rates have contributed to financing costs and we do not expect them to fall significantly over the remainder of the current financial year.”

The board added: “We have taken a prudent approach to delivering sustainable growth in 2023/24 and will continue to keep a weather eye on the trading background while introducing new and better ways of operating.”