- Colefax Group says trading in the US - its major market - has been more challenging than it anticipated.

US sales for the three months to 30 April are down by 32% compared to the same period in the previous year.

The group has taken action to reduce its cost base and as a result, pre-tax profits for the year ended 30 April will be in the region of £2.6m after charging redundancy costs of approximately £800,000.

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