Optimistic Polyflor improves profits
March 28, 2024
Polyflor manufacturer James Halstead plc has reported improved profits despite a dent in UK sales, and the vinyl specialist is positive about the future.
In its
results just filed
for the six months ended 31 December 2023, sales were down 8.8% to £136.5m from £149.6m in 2022. Within these figures, UK sales were down 5% compared to Europe which declined 15%.
But pre-tax profits for the group were
£27.4m, up 18%
from £23.2m recorded in the previous year.
“Our UK businesses (Polyflor and Riverside) fared well with manufacturing efficiencies through increased output more than offsetting the slightly lower sales in the UK. The principal area of sales shortfall against the prior year was in the product group of luxury vinyl tiles which was unsurprising given these ranges cross into the domestic consumer market” said the group's statement to investors.
But the directors said export markets were growing and added "UK activity is showing improved confidence against the last six months."
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