22nd Jan 2015 09:20
LONDON (Alliance News) - Headlam Group PLC Thursday said revenue in 2014 was up 5.3% on the year before, buoyed by a strong finish to the year, and as a result it now expects full-year revenue and earnings to be slightly better than management had expected.
The floorcoverings distributor said "favourable" trading in the UK towards the end of the year led to sales growth of 3.7% in November and 6.8% in December and contributed to a full-year like-for-like sales increase of 5.9%.
However, the company said that combined annual revenue from its Continental European businesses on a like-for-like basis fell by 2.3% in local currency, and by 7.3% when translated in sterling.
"Based on the pleasing revenue performance, earnings for the twelve months to 31 December 2014 are likely to slightly exceed the group's internal performance target," the company said in a statement.
Headlam shares were up 3.5% at 450.25 pence Thursday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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