Colefax (CFX)

Colefax CFX Logo

An international designer and distributor of furnishing fabrics & wallpapers and owns a leading interior decorating business.

29-Jan-2018 – 515p – £52.6m – PER 19.1

Results For The 6 Months To End October 2017 – Sales up 6.5% to £42.08m (2016: £39.53m), 5.1% CC, PBT up 35% to £2.56m (2016: £1.90m), EPS up 44% to 18.0p (2015: 12.5p), Net cash up to £9.5m (2016: £8.0m) and the Interim Dividend is up 4% to 2.40p per share. “The Group has made good progress over the last six months helped by improving trading conditions in our core US market and an encouraging performance by our Decorating Division. With a strong order book for the second half, we now expect the Decorating Division to exceed our original expectations for the full year”.

Looks OK but I just can’t work out how such a small rise in Revenue has translated into such a huge rise in PBT and EPS. I will remain Neutral until I can research this a little more.

18-Sep-2018 – 540p – £53.0m – PER 14.2

AGM Statement – Sales are in-line with expectations (does that mean Profits are not?).

Not much to go on here so no change here from my current Neutral stance.

29-Jan-2019 – 520p – £51m – PER 13.4

Results For The 6 Months To End October 2018 – Revenue up 7.8%, PBT up 41%, EPS up 55%, Net Cash up from £9.5m to £11.1m and the Interim Dividend is up 4%. Cautious about H2 as confidence has slowed recently.

I still, perhaps wrongly, cannot bring myself to be more interested here.

23-Jul-2019 – 510p – £46m – PER 13.1

Results For The 12 Months To End April 2019 – Revenue flat at £86.36m (in a challenging trading environment), PBT up 8% to £5.10m (£4.72m last time), EPS up 3.2% to 39.3p (38.1p last time), Net Cash at £9.5m (£9.2m last time) with the Total Dividend up 4%.  Trading environment remains challenging into this year.

Plenty of Cash and seems well managed but just can’t see where growth is going to come from so it’s not for me at present.

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