Profitability folds at Card Factory

Retailer Card Factory has seen annual profits tumble after taking a £14.6 million hit from the weak pound and soaring wage costs.

The group, which specialises in greeting cards, wrappings and gifts, reported a 12.3 per cent fall in pre-tax profits to £72.6 million after its profit margins were hammered by rising costs as the Brexit-hit pound and national living wage took their toll.