Colefax profit falls 20% as 'difficult trading conditions' hurt sales

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Furniture fabric and wallpaper designer Colefax reported a 20% fall in first-half profit as difficult trading conditions crimped sales.

Pre-tax profit for the six months through October fell to £2.9m, down from £3.62m on-year.

Sales fell 5.3% to £43.0m, and by 7.4% on a constant currency basis.

Even so, the company raised its interim dividend by 4.0% to 2.6p per share.

'The group's performance over the last six months reflects difficult trading conditions in most of our major markets,' chairman David Green said.

'This was not entirely unexpected given Brexit uncertainty and the low level of high end housing transactions in the US and the UK.'

'Although we expect trading conditions to remain relatively challenging we are well placed to take advantage of any improvements in market conditions and will continue to invest with confidence in our portfolio of luxury brands and our worldwide distribution network.'

At 9:59am: (LON:CFX) Colefax Group PLC share price was -35p at 400p