StockMarketWire.com - Fabric and wallpaper designer and distributor Colefax saw interim sales and profits fall in line with market expectations.

The group - which trades under the names Colefax and Fowler, Cowtan & Tout, Jane Churchill, Manuel Canovas and Larsen - reports sales of £36.72m - down from £38.61m in 2007.

Pre-tax profit is £2.48m compared with £3.32m with arnings per share of 11.65p against 15.02p previously. The interim dividend is unchanged at 1.55p.

The group has net cash of £2.24m compared with net debt of £0.74m in 2007.

The group expects the trading environment to worsen although it said the stronger dollar was beneficial and that it was well placed to weather economic downturn