Country Road boosts FY profit

Retail group increases earnings on acquisitions, expects further improvement.

Country Road (CTY) expects further improved results in the next financial year despite a highly competitive market and subdued consumer and business confidence.

The group increased profit after tax to $41.1 million in fiscal 2013, up from $16.1 million in the prior year, including profit from Witchery and Mimco since their acquisition on September 29 2012.

Revenue rose 68.4% to $711.3 million in the year, compared with $422.3 million in the previous corresponding period. 

Final dividend was 26.48 cents per share, which combined with a special dividend of 17.38 cents per share takes total payout to 43.86 cents per share fully franked