27th Jan 2021 11:25
Colefax Group PLC - London-based interior designer - For the six months to the end of October, pretax profit rises by 17% to GBP3.4 million from GBP2.9 million the year before, attributed to costs being deferred by delays in new product launches.
This is also in spite of revenue dropping by 14% year-on-year to GBP37.0 million from GBP43.0 million, and by 13% on a constant currency basis. Lockdown restrictions in the US, UK and across Europe have caused sales from Colefax's Fabrics and Decorating divisions to drop by 7.8% and 60% respectively.
Due to uncertainty over the easing of restrictions and future trading conditions, the company will not restart dividend payments for the time being.
Looking ahead, Colefax remains optimistic about future prospects for its Fabrics division, due to 62% of its sales being in the US where the performance has been more resilient. However, the Decorating segment will take time to return to more normal levels of activity.
Current stock price: 450.00 pence
Year-to-date change: up 4.7%
By Dayo Laniyan; [email protected]
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