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Colefax Group
- BY: Andrew Hore |
- POSTED: 22/07/2010 |
- COMMENTS: Add yours
Colefax Group did better than originally expected in the year to April 2010 but the outlook remains uncertain.
The upmarket furnishings and wallpaper supplier’s revenues fell from £73.1m to £67.4m, while a decline in operating expenses helped pre-tax profit to improve from £2.91m to £4.39m. There was a decline in first half profit.
The strength of the dollar will continue to help the business, which generates a significant amount of its revenues in the US. A one cent move in the $/£ exchange rate changes profit by £60,000.
House broker KBC Peel Hunt forecasts a decline in 2010-11 profit to £4m but a rise in total dividend from 3.1p a share to 4p a share. The broker chose not to upgrade its profit forecast because of uncertainty about the second half of this financial year.
Net cash was £5.47m at the end of April 2010 and this figure should be maintained at the end of this financial year.
At 162p a share, up 9p, Colefax is valued at £23.8m. The shares are trading on nine times prospective earnings and yield 2.5%.
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