StockMarketWire.com - Furnishing fabrics & wallpapers distributor Colefax pulled its final dividend reported a sharp decline in profit as the pandemic impact weighed on sales in the first half of the year.

For the year through the end of April, pre-tax profit fell 57.3% to £2.18m and sales decreased by 9.3% to £78.4m

'Worldwide Covid-19 lockdowns significantly impacted sales, with the majority of showrooms, customers and suppliers closed for varying periods,' the company said.

The company said would not propose a final dividend.

Colefax said performance had improved since lockdown measures were eased.

'Current sales trends are ahead of our initial expectations at the start of the pandemic. Sales in July and August were ahead of the prior year and we believe that this is not simply due to deferred sales but also reflects new business arising as a result of the lockdowns,' it added.






At 9:53am: [LON:CFX] Colefax Group PLC share price was -25p at 375p



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