25th Jan 2016 08:27
LONDON (Alliance News) - Havelock Europa PLC on Monday said it was beginning to see benefits from its cost-reducing measures taken at the end of the year, as it announced its trading had been in line with expectations for 2015.
The furniture and interior services company saw its shares rise by 25% on Monday morning, to 7.50 pence, as it said its programme for "right sizing" and simplifying the business was gaining momentum, with its order book going into 2016 up 15% on 2015 at GBP23.0 million.
Havelock Europa said as of December 31 it was debt-free, with trading having been in line for the fourth quarter.
"We are beginning to see the benefits of the measures taken in late 2015 and, although trading continues to be challenging, particularly in the retail sector, we are encouraged to enter 2016 with an order book of GBP23 million for in-year delivery which is 15% up on 2015," said Chief Executive David Ritchie.
By Hannah Boland; [email protected]; @Hannaheboland
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