14th Sep 2020 10:41
(Alliance News) - Colefax Group PLC on Monday said sales have recovered after lockdown measures hurt annual earnings.
In the year ended April 30, revenue fell 9.3% to GBP78.4 million from GBP86.4 million. The interior designer's pretax profit dropped 57% to GBP2.2 million from GBP5.1 million.
"The Covid-19 pandemic started to have a major impact on the group in the last six weeks of the financial year ended April 30, 2020 and continued into the current year," Chief Executive David Green said.
"The most significant impact on sales was during the total lockdown period and as restrictions have been eased we have seen a good recovery in core Fabric Division sales. Current sales trends are ahead of our initial expectations at the start of the pandemic."
Colefax decided against making a final payout, having paid a 2.70 pence final dividend for financial 2019. The company back in March already had cancelled its 2.60p interim payout. Its total dividend for financial 2019 was 5.20p.
Green added: "The group has a strong balance sheet with significant liquidity and is well placed to navigate even a severe recession and take advantage of any opportunities that may arise."
Shares in the company were 4.3% lower at 382.80p each in London on Monday morning.
By Eric Cunha; [email protected]
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