30th Jul 2019 09:48
(Alliance News) - Commercial flooring firm James Halstead PLC said Tuesday it expects annual sales to set a "record" despite "difficult" trading conditions.
For the financial year ended June, James Halstead said sales were "ahead of the comparative year and at a record level". Profit also was forecast to be at a "record" level after delivering "modest" growth.
For the year prior, James Halstead reported GBP46.7 million in pretax profit on revenue of GBP249.5 million.
"This, we feel, represents a creditable performance in still difficult trading conditions," James Halstead said in a statement.
"Flooring installations through the year were wide ranging such as Harrow School, Euro Disney's Hotel New York and Chanel concessions across the globe and the Al Thumama Stadium in Qatar," the firm continued. "Our healthcare business continues to make good progress and projects completed included Poissy Hospital in France and the newly built Quillota Hospital in Chile."
James Halstead emphasised that it was "particularly pleasing" to report core UK sales were 7% higher on the year prior, which was "quite robust despite the well reported high street retailer issues".
The AIM-listed firm did emphasise competition from new entrants was increasing, particularly in Europe. In Germany, this competition saw turnover fall but market share maintained. Nonetheless, double-digit sales growth was reported in France, South America and the Netherlands.
"Raw material prices are stable and the availability problems of last year have ameliorated and working capital remains robustly managed with our cash generation secure," James Halstead added. "Our long-term focus on delivery of shareholder returns is undiminished."
Shares in James Halstead were 0.8% lower at 516.00 pence in London on Tuesday.
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