15th Jul 2015 09:04
LONDON (Alliance News) - Bathroom fittings company Samuel Heath & Sons PLC said its pretax profit was pushed lower by higher costs in its 2015 financial year, but it did manage to nudge its revenue up despite a soft UK market.
The company said its pretax profit fell to GBP443,000 from GBP610,000 in the year to the end of March, as increases in its distribution and administrative costs offset a rise in revenue to GBP11.2 million from GBP11.0 million a year earlier. The rise in costs was primarily attributed to research and development spending on a new door closer.
The group said it saw mixed trading in its markets over the year and said the new financial year has started "reasonably well", with orders solid though not exceeding the company's expectations.
Samuel Heath added that, given the sluggishness in the UK market, it is working increasingly hard to tap into emerging markets growth.
Despite the profit fall, the company will pay a flat final dividend of 6.25 pence, meaning its full-year payout also is flat at 11.75 pence.
Shares in Samuel Heath were untraded on Wednesday, having last traded at 200.00p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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