DFS Furniture has unveiled a strong first set of results as a new public company, in its half-year results for the 26 weeks ending 31st January 2015.
The group's gross sales were up 10.5% to £431.2m, with adjusted EBITDA up 16.5% to £27.6m.
DFS reports a record last 12 months adjusted EBITDA of £86.2m. It also points out that the IPO and refinancing completed in March has significantly reduced debt and future interest costs
According to the group, its growth strategy is now on track. DFS' store-opening programme comprised four new UK stores and one in the Republic of Ireland during the half year, all of which are reportedly trading well.
Its first Continental European store opened in The Netherlands, while the new Customer Distribution Centre concept is operating successfully, supporting 13 stores in three regions and releasing additional selling space. DFS also reports continued strong growth in web sales.
DFS chairman Richard Baker comments: "I am delighted to see a strong performance in our first set of results as a new public company. Our dedication to creating and making quality sofas that every home loves and can afford, combined with maintaining the culture of a family business, continues to be at the heart of our success."
DFS CEO Ian Filby adds: "Our recent IPO strengthened our financial position and provides an excellent platform from which to fulfil our vision of taking DFS from being a great British business to a world-class business. Our continued momentum in the first half of the current financial year has built on the strong performance of the second half last year to deliver a record last 12 months' result for the group.
"Although our performance will be measured against stronger comparatives in the second half, we are confident that DFS will deliver in line with market expectations for the current year and enjoys excellent prospects for long-term profitable growth as one of the UK's best-known brands, a major British manufacturer and the country's leading retailer of upholstered furniture."
