Colefax still cautious

21st Jul 2011 07:54

Furnishing, fabrics and wallpapers designer Colefax said pre-tax for the year surged 49% after a robust performance from its decorating division but remains cautious about future trading.Pre-tax profits from continuing operations rose to £6.52m for the year ended 30 April 2011 from £4.39m in 2010. Sales from continuing operations increased 12% to £77.72m. Chairman David Green noted, "This is a strong set of results helped by an exceptional performance from our Decorating Division. We have seen growth in all of our major markets but I still feel that full recovery from the recession is a long way off.Net cash at the year end was £6.30m compared to £5.47m in 2010. "The group has a strong balance sheet and we are confident that we are well placed to take advantage of any improvements in our markets but until then we will work on cost controls and take a cautious view of the future," Green added.Colefax has proposed final dividend of 2p per share, up from 1.55p last year. The total dividend rises to 3.85p from 3.10p before. The group said it remains well placed to take advantage of any upturn in markets.CJ