Sanderson Design profit rises amid lower restructuring costs

Tue, 18th May 2021

Interior design and furnishings group Sanderson Design booked a 15% rise in annual profit, owing to lower restructuring charges that offset weaker revenue. Pre-tax profit for the year through January increased to £5.0 million, up from £4.4 million year-on-year. Revenue fell 16% to £93.8 million and adjusted underlying pre-tax profit fell 3.7% to £7.1 million. Sanderson Design did not declare any dividends for the year. It said trading in the second half had recovered to pre-pandemic levels, resulting in a previously announced upwards revision to expectations for the financial year. 'Current sales trends in February, March and April 2021 were slightly ahead of our expectations reflecting increased demand for home interiors,' chairman Dianne Thompson said. 'The group has a strong balance sheet with net cash at 31 January 2021 of £15.1 million, which positions the business strongly in the event of further disruption.' 'Overall, we remain cautiously optimistic in our outlook for the year ahead.' Story provided by StockMarketWire.com

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