Halstead boosts sales but profits are squeezed
February 8, 2023
Major UK flooring manufacturer James Halstead plc says sales in the second half of last year were up 8–9% but profits are under pressure due to cost increases.
The £300m turnover Manchester-based plc, best known for its Polyflor resilient flooring brand, gave a trading update to shareholders this week ahead of its Interim Results announcement in March.
The Company expects to report revenues for the six months to 31 December 2022 around 8–9% ahead of the comparative period in the previous year.
In his AGM statement in December Chairman, Mr. Anthony Wild described the challenges of the year, most notably energy and raw material costs.
But the company noted that "sales were ahead in many markets." and added that it "saw signs of reduced international freight costs and raw material costs."
"As a consequence of the [higher costs] challenges highlighted above, profit before tax for the half year will be short of the comparative period but not significantly so. However, the Board’s expectations for the full year remain positive and unchanged," said the statment.
James Halstead's interim results will be published on 31 March 2023.
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