8th Mar 2023 13:52
Headlam Group PLC - Birmingham, England-based floor coverings distributor - Posts revenue of GBP663.6 million for 2022, down slightly by 0.5% from GBP667.2 million a year earlier. Says revenue is maintained despite "very challenging industry headwinds, reflecting revenue development actions and support from product price increases". Pretax profit jumps by 51% to GBP41.8 million form GBP27.6 million, as operating profit increases by 51% to GBP43.9 million from GBP29.1 million in 2021. Underlying pretax profit is up 3.6% to GBP37.1 million from GBP35.8 million. Declares a total dividend of 17.4 pence per share, up 6.1% from 16.4p the year prior. Looking ahead, says trading is "in line with market expectations for 2023."
Chief Executive Chris Payne says: "Despite very challenging industry headwinds in the year, most notably the UK cost of living crisis and significant operational cost inflation, revenue was maintained and profit improved against 2021. So far in 2023, revenue performance is slightly ahead of last year despite a continuing weak residential sector."
Current stock price: 319.00 pence each, down 1.2% on Wednesday afternoon in London
12-month change: down 7.5%
By Xindi Wei, Alliance News reporter
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