An increase in market share helped DFS grow sales 13% and EBITDA over 10% in the year to July 31, despite the difficult furniture market.
Sales increased 13% to £653m, while EBITDA grew 10.6% to £71.8m, a record for the business. However, chairman Richard Baker warned that orders carried into the first half of the new financial year were below 2009 levels, although he added that sales are now in line with both last year and the company’s expectations.
DFS was bought by Advent International from founder Lord Kirkham in April. Since then Baker has been put in place as chairman and his former Boots colleague Ian Filby as chief executive. The company has also completed a £240m refinancing.
Baker described the performance as “robust” and “principally based on further growth in market share.” He said the strategy of the business under its new owners would be “further product innovation, continued investment in the brand and our people, expansion of our online presence and the beginning of our new store roll-out programme.”