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Interim Results

DFS declares special divi after record results

30 March 2017 07:49

DFS Furniture has declared a special dividend following record results.

Group revenue rose by 6.8% to £379.9m in the 26 weeks to 30 January and gross sales for the 12 month period exceeded £1 billion for the first time.

EBITDA rose by 4.5% to £32.4m and profit before tax was up 3.1% at £16.7m.

Underlying basic earnings per share rose 3.3% to 6.2 pence.

Other highlights:

- Continued strong cash generation: gearing ratio reduced to 1.42x (2016: 1.71x)

- Interim dividend increased 5.7% to 3.7 pence (2016: 3.5 pence)

- Special dividend of 9.5 pence per share declared

Chief executive Ian Filby said: "I am pleased to report continued good sales growth and strong cash generation reflecting the successful implementation of our proven growth strategy.

"This strong performance underpins our announcement today of our first special dividend for shareholders.

The scale of our business, which is larger than our next four UK competitors combined, gives us significant advantages that allow us consistently to offer outstanding value to our customers.

"We are confident that our size, combined with the flexibility of our cost base and vertically integrated business model means that DFS is particularly well positioned to respond to economic headwinds and cost pressures while continuing to grow our share of the UK retail furniture market.

"Our expectations for profit before tax over the full year accordingly remain unchanged, and we believe that DFS continues to enjoy excellent prospects to deliver long-term profitable growth."

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