Retail chain Carpetright said it has dragged itself out of significant trouble following a major restructuring earlier this year.
Pre-tax losses were £24.8 million for the year to April 27, down from a £69.8 million loss last year, on revenues down 13.4% to £386.4 million.
Chief executive Wilf Walsh said the restructuring, known as a company voluntary agreement (CVA), had been tough but necessary.
He added: "From a trading standpoint it was, as expected, a year of two halves, with the first six months reflecting the impact of the CVA implementation, followed by a significant improvement in the second half and, in particular, during Q4."
Like-for-like sales in the first eight weeks of the financial year were up 8.5% against weak comparisons.
