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Annual Results

DFS profits plunge in challenging environment

05 October 2017 07:09

DFS Furniture's pre-tax profits fell by 22.3% to £50.1m in the 52 weeks to 29 Jul.

Gross sales rose by 1.1% to £990.8m and revenue increased by 0.9% to £762.7m but EBITDA fell by 12.7% to £82.4m.

The board has proposed a final dividend of 7.5p per share, giving a total ordinary dividend of 11.2p for the year (+1.8%).

The group also paid a special dividend of 9.5p per share in the year taking total dividends in year to 20.7p.

The group described the furniture market environment in the second half as very challenging.

Chief executive Ian Filby said: 'We have continued to make good strategic progress across all our key areas of growth, while our financial performance reflects the current challenges of the UK furniture market.

'In particular we were delighted to announce the acquisition of Sofology and the exclusive licensing partnership with the British lifestyle brand Joules.

'Historically DFS has been able to build its market leading position and generate strong cashflow for shareholders in all environments by leveraging its fundamental strengths.

'Our recent strategic investments and operating efficiency programme support our confidence in our ability to deliver modest profit growth and cash returns in the current financial year and we continue to have excellent prospects for the long term.'

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