- Colefax posts pre-tax profits of £3.55m for the year to the end of April - 13% up on last time.

Sales rose slightly to £70.62m from £70.4m but earnings per share were up 15% at 18.2p.

Chairman David Green said: "The increase in the group's profit was mainly due to improved profitability in the fabric division although overall sales remained flat. The decorating division was affected by delays to several key projects and as a result profits were well below expectations.

"Trading conditions in our main market, the US, have continued to improve and we are optimistic about growth prospects. However trading in the UK and Europe remains difficult and we have budgeted for a further sales decline in the current year. We hope that these markets will bottom out this year and we will then see a return to growth. As a result we will continue to invest in our portfolio of brands in anticipation of more favourable market conditions."

At 8:32am: [LON:CFX] Colefax Group share price was 0p at 252.5p

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