24th Apr 2024 14:06
(Alliance News) - Sanderson Design Group PLC on Wednesday reported a slump in overall performance in last year.
The Denham, England-based luxury design group said in the year ended January 31, pretax profit fell 5.4% to GBP10.4 million from GBP10.9 million the year prior.
Revenue declined by 3.0% to GBP108.6 million from GBP112.0 million.
A proposed final dividend of 2.75 pence per share brings the total dividend for the year to 3.50p, unchanged from last year.
Chief Executive Officer Lisa Montague said: "The results...show the strength of our business model, which has provided the group with the ability to face into a generally challenging consumer environment.
"Our business model has three pillars - brands, licensing and manufacturing - bringing resilience to the group in that the impact of subdued consumer confidence on brand product sales has been substantially mitigated by licensing."
It was a record year for licencing with sales up 68% at GBP10.9 million, accounting for approximately 10% of overall sales.
Looking forward, trading conditions are expected to remain challenging through the year. Management remains focused on its strategic growth drivers, including North America and licensing, and remains confident in the company's ability to navigate further market uncertainties with the support of its strong cash position.
The company finished the year with an improved cash position of GBP16.3 million, up 5.8% from GBP15.4 million the year before.
Sanderson Design shares were down 3.0% to 99.96 pence each in London on Wednesday afternoon.
By Elijah Dale, Alliance News reporter
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