16th Jul 2014 10:44
LONDON (Alliance News) - Bathroom fitting company Heath Samuel & Sons PLC Wednesday reported an increase in profit and revenue for the full-year, but warned that sales so far in this trading period have been below that achieved in the comparative period a year ago.
The company posted pretax profit of GBP610,000 for the year-ended March 31, up from GBP450,000 a year earlier, as revenue crept up to GBP11.0 million from GBP10.1 million.
Heath said it decided to be more prudent with its investments, "in view of the uncertainties around the world." Therefore the company disposed of all its holding, which results in a profit on costs of GBP58,000.
Nonetheless Heath said it experienced success with most of the new lines launched during the year and "there was improvement in some, but by no means all, of our markets." It also said trading has not regained the position recorded before the financial downturn.
Looking ahead, the company said sales in the current trading period have been below that achieved last year while the current strength of sterling compared with many world currencies will have a detrimental effect on sales revenue and profit which it earns overseas.
"It would seem that the caution seen in the markets could well be correct. We must therefore add our own note of caution for the coming year, as it would seem that the turbulent trading conditions, which we have experienced in the last few years, are not yet at an end," the company said in its statement Wednesday.
The company maintained its final dividend at 6.25 pence, making a total dividend of 11.75 pence unchanged from a year ago.
Heath & Samuel shares were quoted up 4.1% at 333.00 pence Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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