12th Nov 2014 10:58
LONDON (Alliance News) - Samuel Heath & Sons PLC posted a big drop in pretax profit in the first half on Wednesday, hit by a continued slowdown in sales for the bathroom fittings company.
The company said its pretax profit in the six months to September 30 was GBP96,000, against GBP326,000 last year, after a continued decline in sales in the half year to GBP5.4 million from GBP5.5 million last year.
Samuel Heath said the fall in sales was down to a combination of a weaker-than-expected UK market, economic downturns in other markets, and geopolitical tensions in others. It also was hit by the strength of sterling.
Chairman Sam Health said "it would be reckless to be too optimistic" in forecasting for the second half, though he said the sterling pressures are abating and said its order book has shown signs of improvement.
It said it intends to pay a 5.5 pence interim dividend, the same as last year, though warned it would be looking at its final dividend in light of its full year trading.
Shares in the company were untraded on Wednesday, having last traded at 270 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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