Colefax raises profit expectations on strong US trading

(Sharecast News) - Colefax Group said on Friday that full-year profit was expected to be at least £10.5m after trading in its core Fabric division came in ahead of expectations. The AIM-traded furnishings and fabrics group said that since its interim results were announced on 28 January, the division had benefited from strong trading in the US.

Like-for-like sales in the Fabric division rose 7.0% in the three months to 30 April, despite a strong comparative period a year earlier.

As a result, Colefax said it expected profit before tax for the year ended 30 April to be not less than £10.5m.

At 1234 BST, shares in Colefax Group were up 8.28% at 1,331.8p.

Reporting by Josh White for Sharecast.com.

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