The cash generation and working capital policies of Colefax Group (CFX) have been excellent for shareholders. In the past two years, the high-end fabric and furniture group has used £5.9m of free cash to buy back shares, bidding up the share price in the process.
IC TIP:
Sell
at
502.5p
Operationally, the picture was less eye-catching in the year to 30 April 2015, with the exception of fabric sales in the US. Across the business, revenue fell 2 per cent, while pre-tax profit edged up slightly to £5m.
