James Halstead PLC on Monday reported ‘respectable’ annual results, as it grappled with tricky market conditions.
The flooring manufacturer said revenue in the year to June 30 edged up 4.0% to £303.6 million from £291.9 million a year prior. Pretax profit was largely unmoved at £52.1 million.
Cost of sales increased 5.5% to £188.1 million from £178.4 million.
James Halstead lifted its final dividend by 4.5% to 5.75 pence per share from 5.50p. Its full-year dividend totalled 8.0p, a ‘record level’, up 3.2% from 7.75p
‘Against a challenging backdrop, I am pleased to announce a very respectable performance across the group and another record sales performance. Good demand across a number of our key markets has continued to drive the positive top line,’ Chief Executive Officer Mark Halstead said.
Looking ahead, the company said UK demand was slightly less buoyant, adding that its UK business was far more focused on commercial flooring and repair, renewal and refurbishment and therefore less exposed to consumer spending.
Chair Anthony Wild said: ‘Overall overseas turnover is 60-65% of total turnover and growing. With greater availability of global shipping, a strong balance sheet and a proven business model, we are confident in the prospects of the year ahead and progress across the group.’
James Halstead shares were 0.6% higher at 208.25 pence each on Monday morning in London.
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