dfsFascia150FULL year sales at DFS Furniture Plc advanced 7 percent with the retailer saying profits would reach record levels and be at the top end of market expectations.

In a post-close trading update, the upholstery market leader said the EU referendum result had “not indicated any weakening of demand” though added that “the six weeks since 23rd June is too short a period to permit a meaningful assessment of future furniture retail trends.”

DFS cautioned that retailing of furniture in the UK “faces an increased risk of a market slowdown with additional cost pressures from foreign exchange movements” but said the group remain well positioned to mitigate economic headwinds.

It said revenue growth had benefited from the contributions of the group’s Sofa Workshop and Dwell subsidiaries, which together have added circa 1 percentage point to overall growth in both the second half and full year.

DFS added that free cashflow had remained strong with net debt slightly less than one and a half times EBITDA at the end of the financial year. It will release its preliminary results of 6th October.