1st Oct 2013 06:56
LONDON (Alliance News) - James Halstead PLC Tuesday reported slightly lower revenues and profits for its last financial year, but it raised its dividend again and said that whilst its markets remain tough it reported a pick-up in UK revenues.
The floorings company reported a pretax profit of GBP41.2 million for the 12 months to end-June compared with GBP42.7 million a year earlier, the first fall for a decade. Revenues declined to GBP217.1 million, from GBP226.3 million, as it was hit by foreign exchange fluctuations and as it stopped selling motorcycle accessories.
Still, cash inflow from operations rose to GBP42.1 million from GBP37.3 million and raised its final dividend to 6 pence, from 5.5 pence.
"We have grown significantly in the last few years and though in this year like for like turnover is 1.1% behind last year this should not detract from the upward trend we have seen and are determined to exploit," Chief Executive Mark Halstead said in a statement.
Chairman Geoffrey Halstead said he was very encouraged by a 3.5% increase in UK revenues.
The company said it still doesn't have much visibility on future business and competition in its markets is keen.
"Government spending is restricted in many markets and "tough" is the best description of the current trading conditions," the company said. "Whilst the seeds of recovery are apparent these continue to be difficult times."
It said it would continue to control costs tightly.
By Steve McGrath; [email protected]; @stevemcgrath1
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