1st Feb 2022 11:10
(Alliance News) - James Halstead PLC on Tuesday said it expects its first-half profit to be hurt by the increased costs of materials, freight and energy and the time lag in reflecting these costs in its own prices customers.
However, the Manchester-based commercial flooring manufacturer and distributor said the impact on profit in its financial first half, which ended on December 31, would be only to a "marginal extent".
In the first half of financial 2021, James Halstead reported a pretax profit of GBP26.0 million. The company's financial year ends June 30.
Despite the challenging manufacturing backdrop, James Halstead said that sales demand had continued to be strong. The company said that sales in December, particularly in the UK, were robust and that it expects turnover for the six months will be higher than last year.
As a result, James Halstead said its expectations for the current year remains "positive".
The company's interim results will be published on March 31.
Shares in James Halstead were down 3.3% at 277.44 pence on Tuesday morning in London.
By Heather Rydings; [email protected]
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