Colefax's profits dip not as bad as feared

26th Jan 2010 14:05

Interior decoration firm Colefax performed ahead of expectations in the first half of its financial year but remains cautious on the full year outlook.Profit before tax in the six months to 31 October fell to £1.14m from £2.48m the year before, on turnover that tumbled to £30.97m from £36.72m.Chairman David Green said the figures were better than the company had been expecting when it announced its full year results back in July, and attributed the slide in profits largely due to exceptionally weak trading conditions in the US, though these were partially offset by a better than expected showing in the UK.Current trading remains mixed, Green added. 'Until we see some clear evidence of a pick up in demand in our major market, the US, we will remain cautious about future prospects. Our results for the full year will be better than we expected and, whilst I am less pessimistic than I was in July 2009, it is too early to say that we are on the road to recovery,' Green said.The interim dividend has been maintained at 1.55p.