25th May 2007 10:30
Headlam Group PLC25 May 2007 To : Company Announcements Office Primary Markets Division The London Stock Exchange Company announcements Tel 0207 797 4400 Company: Headlam Group plc Embargoed for release 10:30 a.m. 25 May 2007 25 May 2007 AGM STATEMENT Following its Annual General Meeting ("AGM") today, Graham Waldron, Chairman ofHeadlam Group plc ("Headlam"), stated the following: Trading Sales during the first 21 weeks of 2007 compared with the corresponding periodlast year increased by 2.4% on a like for like basis. Increased sales of Residential and Commercial products contributed to thispositive trend in both the UK and Continental Europe. This has been achievedthrough the continuing development of product ranges and the group's marketposition with independent retailers and flooring contractors. Share buy-backThe group's strategy remains focused on building shareholder value and the predictable cash flows which are generated by the business will ultimately result in Headlam having surplus cash. The board has decided to commence a share buy-back programme to return cash to shareholders and improve balance sheet efficiency. There is authority to purchase up to 15.0% of the issued share capital and the board anticipate purchasing shares to the value of at least £20 million during the current financial year. Retirement of non-executive director After nearly nine years as an independent non-executive director, Tom Andersonhas decided to resign from the board following the conclusion of the AGM. Iwould like to place on record our thanks for the contribution and wise councilhe has made during his time with Headlam. We wish him well in retirement. Outlook Given the favourable trading performance during the first 21 weeks of 2007, thegroup looks forward to another year of growth. Enquiries: Headlam Group plc Tony Brewer, Group Chief Executive Tel: 01675 433000 Stephen Wilson, Group Finance Director End This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Headlam