24th Nov 2022 11:18
(Alliance News) - Headlam Group PLC on Thursday said trading is still affected by the cost of living crisis in the UK, while continental Europe continued positive performance.
The Birmingham-based floor coverings distributor said trading in the first 10 months of 2022 was marginally below the same period a year prior.
To date in November, Headlam reported a seasonal uplift below historic levels and expects this trend to continue until the end of the year.
Underlying profitability for 2022 is set to be ahead of 2021 but "marginally" below the low end of the range of market expectations.
"The company's strategy of driving new revenue to gain market share from a more efficient operating base has helped provide a countermeasure against the market weakness, and will continue to do so during 2023," it added.
The firm will announce its pre-close trading update on January 19 and final results for 2022 in early March.
Headlam shares fell 5.5% to 275.00 pence each in London on Thursday morning.
By Tom Budszus; [email protected]
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