26th Jan 2016 10:16
LONDON (Alliance News) - Colefax Group PLC on Tuesday reported a rise in profit in the first half of its financial year as sales were boosted by favourable currency movements, but warned that the second half will be more challenging.
The interior design company said its pretax profit in the six months ended October 31 grew 13% to GBP3.3 million from GBP2.9 million in the same period the year before, as sales increased 1.5% to GBP38.0 million from GBP37.4 million.
Colefax said its results were helped by a stronger dollar against the pound, but warned that trading conditions in the second half are expected to be more challenging.
Colefax will pay an interim dividend of 2.20 pence, up 5% on the 2.10p paid the prior year.
"The recent trends in our two major markets, the US and the UK, suggest we are entering a period of more challenging market conditions. Together with the turbulence in global markets that has marked the start of 2016, we are cautious about prospects for the remainder of the year," Chairman David Green said in a statement.
Shares in Colefax were trading down 5.8% at 450.00 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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