22nd Jan 2025 11:12
(Alliance News) - Colefax Group PLC on Wednesday said trading prospects in the US look favourable, but it noted uncertainty from the threat of higher import tariffs by President Donald Trump, as well as challenging market conditions in the UK and Europe.
The London-based designer and distributor of furnishing fabrics and wallpapers said pretax profit was virtually flat at GBP4.4 million in the six months that ended October 31.
Revenue grew 1.8% to GBP52.8 million from GBP51.8 million a year prior, as the company highlighted a sound performance of its Fabric division in the US.
Cost of sales increased 0.8% to GBP22.6 million from GBP22.5 million, while operating costs came in 3.8% higher, at GBP25.5 million from GBP24.6 million.
Colefax declared an interim dividend of 2.8 pence per share, up 3.7% from 2.7p.
Looking ahead, Chair David Green painted a mixed picture: "Market conditions in the UK and Europe are currently challenging, and we expect these conditions to continue through the second half of the year. Following the US election in November, the US dollar exchange rate has strengthened significantly and if sustained this will be beneficial for Fabric Division profits going forward. Although trading prospects in the US look favourable there is currently significant uncertainty around the possibility of higher US import tariffs and how they might impact our US business."
Colefax shares rose 3.7% to 814.00 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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