- Colefax posts a group pre-tax profit of £1.9m for the six months to the end of October - down from £3.27m last time.

The group said the result was affected by challenging conditions in core US market and hedging losses following the decline in sterling.

Group sales rose to £39.53m (2015: £37.98m) and net cash increased to £8.0m (2015: £7.8m).

Earnings per share fell to 12.50p (2015: 21.60p) but the interim dividend of 2.30p per share is up from 2.20p last time.

Chairman David Green said: "Results reflect the challenging trading conditions in our core US market, where sales declined by 10% on a constant currency basis.

"Our decision to hedge our US dollar exposure also incurred losses and will continue to adversely affect results this financial year and next.

"We have continued to invest in our business with significant one-off capital expenditure this year and expect to see a positive benefit from our new US showrooms and new Decorating Division premises in London.

"The Group has a strong balance sheet and we will continue to invest with confidence in our diverse portfolio of brands."

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