2nd Aug 2019 09:49
(Alliance News) - Shares in Airea PLC dropped on Friday after it halved its interim dividend following "disappointing" results which pushed profit and revenue lower.
Shares in Airea were 17% lower at 42.50 pence in London on Friday, having fallen as far as 38.21p.
For the six months ended June, pretax profit narrowed 27% to GBP945,000 from GBP1.3 million the year prior. This was after revenue fell 2.2% to GBP8.9 million from GBP9.1 million the year before.
Airea proposed a 0.8 pence per share interim dividend, less than half the 1.75p paid a year prior.
"Although disappointed with the sales performance during the last six weeks of the first half we are pleased by the progress made during the period improving the foundations of the group," Airea Chair Martin Toogood said.
Toogood emphasised that growth in the order book of the flooring firm remained "strong" during the period, as did sales to international markets.
"Sales growth will continue to be challenging given the uncertainty that remains whilst awaiting the outcome of Brexit negotiations; however, as a UK manufacturer with a strong position in the UK and internationally and an ever increasing product portfolio, we are well placed to moderate these risks and take advantage of growth opportunities as they arise," Toogood added.
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