Positive year for Polyflor despite pressure on sales
October 2, 2024
Polyflor producer James Halstead plc saw sales fall over 9% over the last year but boosted profits by 8% following a major improvement in margins.
The Manchester-based business reported £274.9m of sales for the 12 months ended 30 June 2024, down from £303.6m in 2023. Pre-tax profits were up 7.9% to £56.2m.
The company said gross margin had improved in all major markets, up overall by 6% to 44%.
Mark Halstead, Chief Executive, said it the period had been "a largely positive year against the challenging economic backdrop with frustrations and further disruption to global trade routes.
“We have continued to invest in process improvement as well as product development to improve output efficiency and our product offering. This has been substantial and I am pleased to say has already led to improved productivity and margin improvement.
“During the year we have secured many prestigious projects around the world, demonstrating the continued demand for our high quality offering on a global scale. We look ahead to FY25 in good stead and after delivering another year of profits growth,” he added.
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