Sanderson Design Group PLC on Wednesday said it remains on track to deliver full-year results in line with its expectations, as it posted weaker interim revenue and profit.
The London-based interior design and furnishings group reported pretax profit of £1.46 million for the six months that ended July 31, down 2.4% from £1.49 million a year earlier.
Hampering the bottom line, revenue fell 4.4% to £48.3 million from £50.5 million, as Brands sales were down 7% at £34.7 million and Manufacturing sales fell 16% to £14.5 million.
Licencing, by contrast, advanced to £4.4 million from £4.1 million.
The company said sales growth from North America and licensing were offset by weaker consumer markets in the UK, Northern Europe and Rest of the World.
Shares in the company rose 5.3% to 50.00 pence on Wednesday afternoon in London.
Sanderson Design reported a continued focus on cost efficiencies, as distribution and selling expenses fell 18% to £11.9 million from £14.5 million, and administration expenses reduced 3.5% to £21.6 million from £22.3 million.
Sanderson Design declared an interim dividend of 0.50p, flat with the prior year.
On current trading, the company said brand sales in the first nine weeks of the second half are 5% at constant currency compared to the previous year. It added that consumer markets do ‘remain unpredictable with macro-economic developments having the potential to undermine consumer confidence.’
‘We are pleased with the strategic progress in the half year, with a strong performance from licensing and in the US and the development of our new digital platforms. Overall, we enter the second half benefiting from actions to manage costs and with more momentum in the business than at this time last year,’ said Chair Dianne Thompson.
Chair Thompson added that the company remains on track to meet the board’s full-year expectations.
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