12th Nov 2014 10:27
LONDON (Alliance News) - Floorcoverings distributor Headlam Group PLC Wednesday said its revenue rose in the first nine months of the year, despite third quarter growth slowing against strong comparatives.
Headlam said revenue for the first nine months to the end of September was up 6% on the year.
However, UK like-for-like revenue rose 4.5% in the third quarter, slower than the 7.9% growth reported for the first half of the year and bringing nine month revenue growth for the division down to 6.6%.
In Europe, revenue dropped 6.5% in the first nine months due partly to the strength of sterling, with constant currency revenue down 1.5% as revenue growth in the third quarter slowed.
"UK revenues during October maintained the positive trend with like for like performance in line with quarter three whilst revenues achieved by the Continental businesses showed further slippage," Headlam Chief Executive Tony Brewer said.
"Subject to group trading targets being achieved during November and December, the board remain confident that the group will deliver its internal performance objective for 2014," he added.
Headlam shares were up 0.1% to 410.784 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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