Results in line with expectations
Sofa specialist Land of Leather revealed a dip in pre-tax profits today, as the group reported first-half results in line with expectations.

The group, which floated in July, said like-for-like sales order intake was up 7 per cent and profit before tax and exceptional items was£3.7 million, against a pro forma£4.4 million last year. Land of Leather chairman Roger Matthews said: 'Overall the business has traded strongly over this period and in line with market expectations, despite the more challenging trading environment.'

Like-for-like sales growth was lower in the second quarter than the first because of more difficult market conditions during the summer.

Matthews added: 'Our principal focus in the second half is achieving a successful January Sale and completing the delivery of those orders before our financial year end.'

Total sales order intake was up 30 per cent and turnover increased by a similar percentage to£85.6 million. Sales growth was driven by an increase in store openings and the success of promotional activity.