Sanderson Design revenues continue to improve

21st Dec 2020 08:44

(Sharecast News) - Interior design and furnishings group Sanderson Design said on Monday that group revenues continued to improve across the nine-week key selling period of October and November.
Sanderson said revenues for the ten months ended 30 November were down approximately 14.6% year-on-year whereas, in the six months to 31 July, they were down 30.6%.

The AIM-listed group's brand product sales were up approximately 7% in reportable currency, while manufacturing operations performed well, with both its wallpaper and fabric factories now running at a similar level to 2019.

Sanderson believes that this demand reflects "a widely reported trend in the home improvement and furnishings sector", with consumers having directed discretionary spending on their homes during the Covid-19 pandemic.

The improvement in sales during October and November was also reflected in profitability, which also benefited from a programme of cost reduction measures.

As a result, Sanderson now expects pre-tax profits for the year ending 31 January to be "substantially ahead" of management's previous guidance.

As of 1125 GMT, Sanderson shares had shot up 8.35% to 85.60p.