8th Oct 2015 07:02
LONDON (Alliance News) - DFS Furniture PLC Thursday reported growth in profit in its recently-ended financial year as sales grew in what it said are "favourable" conditions in the upholstery market.
The furniture retailer said pretax profit in the year ended August 1 tripled to GBP10.7 million from GBP3.6 million the year before, as revenue grew 7.5% to GBP706.1 million from GBP656.8 million.
It said that the financial year saw a continuation of favourable upholstery sector conditions as consumer confidence, housing market activity and consumer credit availability grow.
DFS added that it has appointed Nick Collard to replace Jon Massey in the role of chief commercial officer. Collard previously worked at Wm Morrison Supermarkets PLC and pharmacy chain Boots.
DFS, which listed on the London market in March, will pay a total dividend of 9.3 pence for the year.
"The group delivered a good overall performance in financial 2015, outperforming the broader furniture market, and achieving record sales and operating profits. Furthermore we have made continuing progress across all strategic initiatives, giving me confidence that we will continue to deliver on our growth targets. The dividend we have recommended is a clear expression of our belief that we will continue to deliver both attractive earnings growth and cash returns for shareholders in the future," Chief Executive Ian Filby said in a statement.
Shares in DFS were up 3.4% to 319.2078 pence just after the open on Thursday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Dfs Furn