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(Alliance News) - Sanderson Design Group PLC on Wednesday reported a higher profit despite lower revenue, as cost of sales decreased more than revenue.
The Denham, England-based luxury interior furnishings company said pretax profit in the six months to July 31 grew 13% to GBP6.2 million from GBP5.5 million a year prior. Revenue declined 2.1% to GBP56.7 million from GBP57.9 million.
However, cost of sales decreased 8.0% to GBP18.2 million from GBP19.8 million.
The company maintained its interim dividend per share at 0.75 pence per share.
Sanderson Chair Dianne Thompson said: "We are focused on growth opportunities in the US, where we are currently under indexed, on driving licensing income internationally and on mitigating the softness in the UK market through cost saving measures. Our licensing activities had an outstanding first half and continue to drive the group's profit growth in the current year. As we enter the key autumn selling period, we are encouraged by the high level of sampling from recent product launches, by our pipeline of licensing opportunities and by the strength of our balance sheet. The board's expectations for the full year remain unchanged."
Sanderson shares were 3.1% higher at 109.25 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News reporter
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