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Colefax profit rises in H1 on lower costs amid delay in product launches
StockMarketWire.com
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Interior decorating business Colefax reported a rise in first-half profit as lower costs owing to a delay in product launches boosted the bottom line.
For the six months ended 31 October, pre-tax profit rose to £3.4 million from £2.9 million year-on-year as revenue fell to £37 million from £43 million.
The uptick in profit was mainly due to costs deferred by delayed new product launches, the company said.
The fabric division saw sales down 7.8% to £33.60 million, and the decorating division saw sales down 60% to £2.1 million.
'In the last two months, restrictions have been re-imposed to varying degrees in both the UK and our export markets but so far, the impact on sales is much less than we experienced during the first lockdown,' the company said.
'Brexit has added an additional layer of cost and complexity to our European business which we will try to mitigate as far as possible,' it added.
'We are cautiously optimistic about future prospects especially as 62% of our sales in the Fabric Division are in the US, where sales have been very resilient during the pandemic.'
At 9:48am: (LON:CFX) Colefax Group PLC share price was 0p at 415p
Story provided by StockMarketWire.com
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