13th Jul 2016 08:11
LONDON (Alliance News) - Bathroom designer Heath (Samuel) & Sons PLC on Wednesday reported growth in profit in its last financial year, but warned on uncertainty in the current year despite not suffering a negative impact so far following the EU referendum.
Heath & Sons said pretax profit in the year ended March 31 more than doubled to GBP947,000 from GBP443,000 the year before, although it did acknowledge that the prior-year figure had been "particularly disappointing".
Revenue grew to GBP12.6 million from GBP11.2 million, and Heath & Sons increased its total dividend for the year by 5.4%, including a final dividend of 6.875p from 6.25p the year before.
"If there is one thing that is bad for our type of business it is uncertainty. While I am writing this, there is certainly plenty of that around, both in the UK, our largest market, and also in many of our other markets in the world. The feedback from our customers tells us that this is already having considerable effect on the level of new business activity that they are experiencing," Chairman Sam Heath said in a statement.
"On June 23, the UK voted in a referendum to leave the European Union. All I can say is that during my considerable time with the company, we have experienced various extremes of government policies and world situations. During these, we have survived and sometimes prospered. I can only add that for the first three months of the current financial year we have not suffered. The next nine months could see a very different picture," he added.
Shares in Heath & Sons were untraded on Wednesday, last quoted at 251.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Samuel Heath