Sales at a textbook publisher were hit by "already stretched" school budgets which were "squeezed even more" because of rising inflation.
Coordination Group Publications has reported a fall in both its turnover and pre-tax profits for its latest financial year because of the "tougher trading conditions".
However, the Cumbria-based company added that it "remains committed to continued investment in its products and people".
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According to newly-filed documents with Companies House, the firm's turnover dipped from £36.8m to £35.7m in the year to August 31, 2022, while its pre-tax profits went from £12.6m to £10.3m.
The Broughton-in-Furness business was founded in 1995 by Richard Parsons and covers a range of school subjects at Key Stages one, two and three as well as GCSEs and A-Levels.
A statement signed off by the board said: "The group results for the year reflect tougher trading conditions caused by the rising inflation experienced over the 12 months.
"Turnover for the year fell by 3% as already stretched school budgets were squeezed even more.
"The increasing costs experienced by the group led to a 19% fall in profit after tax.
"Despite the tougher trading conditions, the group remains committed to continued investment in its products and people."
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