Pretax losses at the Irish arm of the UK-owned home enhancement retailer Homebase last year narrowed sharply to €8 million.

Accounts just filed by Homebase House and Garden Centre Ltd to the Companies Office show the firm sustained the loss after booking a €5 million onerous lease charge as a result of the continuing retail downturn.

This followed the firm booking an impairment charge of €43.5 million in 2011 that resulted in pretax losses of €46.1 million that year. The filings show revenues at the firm – which operates 15 outlets across Ireland – dropped by 8 per cent from €58.7 million to €54 million in the 53 weeks to the end of March 3rd last year. The directors state that “no new store openings are planned for the foreseeable future”.

The report notes that “given the particularly challenging market conditions, the focus over the year was on cost control and optimising staff deployment whilst continuing to drive operational standards”.