11th Mar 2025 20:18
Headlam Group PLC - floorcoverings distributor - reports weaker annual results, and says revenue so far in 2025 has shrunk. Headlam swings to a pretax loss of GBP41.5 million in 2024 from profit of GBP7.1 million in 2023. Revenue falls 9.7% to GBP593.1 million from GBP656.5 million. "In the face of ongoing market weakness, 2024 has seen Headlam accelerate a major strategic restructuring of the group. At its heart, this transformation plan will simplify our customer offer, simplify our network and simplify our operations, positioning the group to increase market share, structurally improve profitability and reduce the capital intensity of the business. We have made strong early progress on our plan and, today, upgrade the expected financial benefits from it," CEO Chris Payne says. Revenue for January and February 2025 declines 6% compared to the previous year, Headlam says. It adds: "The various external forecasts for flooring and related markets point to the flooring market returning to modest growth in 2025, albeit the timing and pace of recovery remains highly uncertain and could be influenced by macroeconomic and geopolitical developments."
Current stock price: 105.00 pence, down 4.6% in London on Tuesday
12-month change: down 43%
By Jeremy Cutler, Alliance News reporter
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