- Pre-tax profits at luxury furnishing fabrics and wallpaper group Colefax fell 55% to £2.6m

Sales for the year to the end of April were down 3% at £75.6m and by 14% on a constant currency basis.

The firm is paying a final dividend of 1.33p (2008 - 2.65p), giving a total dividend of 2.88p a decrease of 31% on last year.

It had cash and cash equivalents of £3.1m compared with £3.9m last time.

Colefax - which trades under five brand names, Colefax and Fowler, Cowtan & Tout, Jane Churchill, Manuel Canovas and Larsen - warns that market conditions remain extremely challenging.

Story provided by Business Financial Newswire