(Alliance News) - Sanderson Design Group PLC on Tuesday said it enjoyed a "strong performance" in its half year, with a profit rise despite the tumultuous economic situation.

The Denham, England-based luxury interior furnishings company said in its half year ended July 31, revenue fell 2.1% to GBP56.7 million, from GBP57.9 million the year before.

Sanderson Design Group said its underlying pretax profit was expected to be "slightly ahead" of GBP6.3 million at the same point the year before.

"A strong performance in the half year from the group's high-margin licensing activities and encouraging growth in the US have mitigated the difficult market conditions in the UK," said the company.

Net cash was around GBP15.9 million on July 31, up 6.0% from GBP15.0 million year-on-year.

Sanderson Designs says its expectations for full year profit remained unchanged, despite the uncertain outlook.

"The group remains cautious about the UK economic environment and is committed to taking mitigating actions where necessary whilst also maintaining momentum in delivering its strategic objectives," said Sanderson Design Group.

Shares in Sanderson Design Group were up 5.1% at 107.15 pence in London on Tuesday morning.

By Will Neill, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved