Shares of Doncaster-based DFS Furniture plc rose about 5% after it published a trading update for the 52 week period to June 25, 2023 (FY23) showing “record market share of 38%.”

“Underlying profit before tax and brand amortisation for FY23 in line with previous guidance at slightly above £30m despite the market being significantly worse than expected,” said the company.

DFS also said in its outlook that it remains confident “in delivering our long-term targets of £1.4bn of revenue, an 8% profit before tax margin and 75% post tax free cash conversion driving strong returns for our shareholders.”

DFS Furniture CEO Tim Stacey said: “I would like to take this opportunity to thank every one of our colleagues and partners for their commitment, hard work and dedication as we trade through the increasingly challenging market conditions.

“We are in the strongest position we have ever been as a group in terms of market share, and when the market recovers, we will be well placed to deliver our strategy and grow our earnings and cash flows towards our longer term plan.”