The Colefax Group has released preliminary results for the year ended 30 April 2024. The group is an international designer and distributor of furnishing fabrics and wallpapers, and it owns a leading interior decorating business. The Group has offices in the UK, USA, France, Germany and Italy, which form part of an expanding worldwide distribution network.
David Green, Chief Executive of Colefax Group plc, states: 'The Group has delivered a good performance in relatively challenging market conditions and with a weaker US Dollar exchange rate. Over the last year, higher interest rates have reduced housing market activity, and we are expecting difficult market conditions in the year ahead, as reflected in our existing market forecast. The Group is well placed to benefit from falling interest rates, which should boost housing market activity, but it will take time for this benefit to feed through to home spending.'
Photo: Kingcome Sofas (one of the group's brands).
In this period, its sales increased by 2% to £107.16m (2023 - £104.82m) and by 4.8% on a constant currency basis. Pre-tax profit decreased by 10% to £7.73m (2023 - £8.54m) – mainly due to higher Fabric Division operating costs and a weaker US Dollar exchange rate.
The Fabric Division sales decreased by 2.1% to £90.54m (2023 - £92.51m) but increased by 0.6% on a constant currency basis.US sales down by 3%, UK sales up by 3%, and European sales up by 8% (on a constant currency basis).
The Decorating Division delivered a strong performance, with sales up by 42% to £13.51m (2023 - £9.52m) and pre-tax profit of £847,000 (2023 - £96,000 loss).
More information:
Colefax Group
www.colefaxgroupplc.com