14th Jul 2009 07:00
14 July 2009
Trading update
Headlam Group plc, Europe's leading floorcoverings distributor, announces a trading update prior to the release of its results for the six months ended 30 June 2009 on Friday 28 August 2009.
Group revenue for the six months ended 30 June 2009 decreased by 8.2%.
Like for like revenue from our UK businesses decreased by 10.7% whilst in Continental Europe, like for like revenue decreased by 9.7%. The effect of currency translation on our Continental businesses continues to have significant influence, increasing revenue on translation by 14.8%. This, combined with a first half contribution from Silvester, led to overall revenue growth from the Continental businesses of 7.4%.
Percentage gross margin achieved during the first six months of this year has eased compared with 2008 principally because of the ongoing change in product mix. We continue to maintain firm control on overhead cost but have not implemented any further restructuring.
Based on this performance, earnings for the six months ended 30 June 2009 are likely to be in line with management's expectations for the first half.
Enquiries:
Headlam Group plc
Tony Brewer, Group Chief Executive Tel: 01675 433000
Stephen Wilson, Group Finance Director
Related Shares:
Headlam