Colefax has strong second half

22nd Jul 2010 16:38

Furnishing, fabrics and wallpapers designer Colefax had a better second half to the year as the benefits of cost cutting measures fed through.The company saw pre-tax profit jump by 51% to £4.39m in the six months to 30 April compared to the corresponding period of the previous year.Sales from continuing operations fell 8% to £87.38m from £73.05m a year earlier, and were 10% lower on a constant currency basis.Net cash at the end of the financial year had risen to £5.47m from £3.08m at the end of April 2009. The company has proposed a final dividend of 1.55p, up from 1.33p the year before. The total dividend for the year is 3.10p, up from 2.88p a year earlier. "While trading in the second half of the year was better than expected it is still very difficult to accurately forecast how the group will perform in this financial year given the current economic climate. This year will be about striking the right balance between controlling our costs and investing in the future to make sure that we are in a strong position to take full advantage of any recovery," said David Green, chairman of Colefax.