Colefax (CFX) H1 2026 earnings summary

Executive summary

• H1 revenue rose 11.7% to £58.96m and PBT increased 21.3% to £5.29m, led by strong US Fabric trading.

• EPS rose 25.0% to 66.5p; FY26 profit is expected ahead of current market forecasts, absent a significant US stock-market correction.

Financial highlights

• Revenue was £58.96m versus £52.79m, up 13.6% at constant currency; operating profit was £5.56m versus £4.65m.

• PBT was £5.29m versus £4.36m; profit attributable to equity holders was £3.89m versus £3.27m.

• Cash generated from operations was £10.78m versus £7.34m; cash generation excluding buybacks and dividends was £6.2m versus £3.6m.

• Cash at 31 October 2025 was £22.16m, versus £22.31m at 30 April 2025.

Outlook and guidance

• November–January sales continued to perform well; FY26 profit is expected ahead of current market forecasts, absent a significant US stock-market correction.

• FY26 guidance factors in a weaker US dollar and Decorating Division break-even performance; next-year Fabric growth is expected to be more challenging against strong comparatives.

• Continued investment planned in the US distribution network and Fabric brand portfolio to pursue growth opportunities.