Key Points
· Results in line with market expectations
o underlying trading conditions in core US market were difficult but H2 improved over H1
· Sales of £80.48m (2016: £76.88m), up 4.7%
· Pre-tax profit of £2.94m (2016: £5.02m) impacted mainly by hedging loss of £2.0m following decline in Sterling
· Earnings per share of 18.6p (2016: 32.2p)
· Net cash at year end of £6.7m (2016: £10.1m)
· Proposed increased final dividend of 2.50p per share (2016: 2.40p), taking total for the year to 4.80p (2016: 4.60p)
· Fabric Division (87% of Group sales) – generated sales of £70.05m, up 5.5% but down by 6.0% on constant currency basis, reflecting adverse trading conditions in US
· New showrooms opened in Boston and Atlanta
· Decorating Division relocated showroom to Pimlico Road, Belgravia
· Board is cautiously optimistic about prospects for the year ahead