30th Jan 2015 10:07
LONDON (Alliance News) - Furniture and interiors company Havelock Europa PLC said it expects its full-year results to meet its expectations, despite a fall in profit and revenue year-on-year, and said its chief executive has stepped down.
The group said it expects its results for the year to December 31 to meet its expectations, though both profit and revenue will be lower year-on-year.
It said it has seen signs of improvement in the underlying performance of the business, with its revenue stream diversified over the course of the year to focus on higher international sales. It said its international business has contributed a higher-than-anticipated proportion of revenue for the year.
Retail performance was solid over the year, but financial services clients were re-evaluating estates strategies over the year, resulting in a lower volume of opportunities for Havelock. Education is starting to show signs of improvement, and the group remains on track to implement its new enterprise resource planning system in the fourth quarter of 2015.
Havelock also said Eric Prescott is to step down as the chief executive of the company, giving no reason for the decision. The group has started the search for his replacement.
Shares in the company were up 3.2% to 16.00 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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