Food and drink retailer Booths has more than halved its losses as it looks to transform the business.

The company, which has six stores in Cumbria, reported a £5.5 million loss for the year ending March 31, 2018 - £8 million down on the losses posted in the previous year.

Overall, turnover fell by £5.3m to £258m, down two per cent, although the Booths were keen to stress that performance could not be compared year-on-year due to a 53-week period and non-comparable Easter trading periods.

Gross profits were also down from £23.9m to £22.9m, equating to 0.2 per cent.

Underlying comparable sales were down £3.3m (1.3 per cent), with most of the decline confined to the first six months of the trading period.

Booths said it has been taking steps to tackle challenging conditions, with a new company strategy and revitalised executive team. The company has already invested in a competitive price process across more than 250 core product lines and is planning to expand the range of Booths branded products.

It is targeting further growth through an agreement to supply Booths branded products to Amazon, which it hopes will help secure new customers and wholesalers. Booths said work already undertaken had helped improve sales and that is planning to update its 28-store estate, which includes stores in Kendal, Kirkby Lonsdale, Keswick, Ulverston, Penrith and Windermere.

Chairman and chief executive Edwin Booth said: “I am very proud of the progress our teams have made in the last 12 months, improving the customer experience in stores, delivering great value produce, cultivating new markets and rediscovering what make Booths a special and unique retailer.

“Our focus, as ever, is to work with our colleagues to deliver the very best products, value and service to our customers.”

Booths said it has been another successful year for awards, picking up 11 Great Taste Awards, 19 commendations at the World Cheese Awards and 19 International Wine Challenge medals. It was also named Decanter Magazine’s Wine Supermarket of the Year and the retailer won Food to Go Retailer of the Year at the Sammie Awards.