17th Sep 2014 09:24
LONDON (Alliance News) - Colefax Group PLC Wednesday said trading in the US and UK has been favourable in its financial year so far, but said challenging conditions remain in most European countries.
David Green, Chairman of the furnishing and fabrics company, said the group was now in its "important selling season," saying it is seeing "favourable market conditions in the US and the UK but challenging conditions in most European countries."
Speaking ahead of the company's annual general meeting today, Green said US sales in the four months to August 31 were up 7% on a constant currency basis, saying the recent strengthening of the US dollar against sterling was a "welcome development." The US is the group's largest market, accounting for 56% of fabric sales, Green said.
Sales in the UK in the same period were up 10%, albeit against weak comparatives for the same period in 2013. In Europe, sales are down 5% on a constant currency basis, Green added.
Colefax Group shares were up 7.4% to 365 pence per share on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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