Headlam Group PLC Pre-Close Trading Update (2943L)
18 July 2017 - 4:00PM
UK Regulatory
TIDMHEAD
RNS Number : 2943L
Headlam Group PLC
18 July 2017
18 July 2017
Headlam Group plc
('Headlam' or the 'Company')
Pre-Close Trading Update
Headlam Group plc (LSE: HEAD), Europe's largest distributor of
floorcoverings, is pleased to provide a pre-close trading update
ahead of announcing its interim results for the six months ended 30
June 2017 on Monday, 21 August 2017.
Total revenue for the six months ended 30 June 2017 increased by
4.0% to GBP341.9 million compared with the same period in the prior
year. On a constant currency basis, total revenue increased by 2.6%
to GBP337.2 million with both the UK and Continental Europe
delivering growth, and total revenue for each of the residential
and commercial sectors also showing a positive performance.
The UK accounted for 85.9% of total revenue (87.0% in constant
currency) with like-for-like revenue* growth of 2.1% reflecting a
positive performance from both the residential and commercial
sectors, up 2.8% and 0.5% respectively.
Continental Europe, which accounted for 14.1% of total revenue
(13.0% in constant currency), showed like-for-like revenue* growth
of 3.0%. The residential sector delivered strong growth of 6.7%
whilst the commercial sector declined by 0.5% as the positive
performance from both the Dutch and French businesses was offset by
the Swiss business.
Gross margin across the Company improved by 103 basis points to
31.06% compared with the same period in the prior year
predominately as a consequence of the focus on more effective
organisation and streamlining of the Company's businesses'
practices.
The Company continues to trade in-line with the Board's
expectations for the full year.
Further to the Company's announcement of 11 May 2017, the
Company is pleased to confirm that Chris Payne will join the
Company as Chief Financial Officer and Executive Director on 13
September 2017.
Analyst Meeting
A meeting for analysts will be held at 10.00am on the day of the
interim results, 21 August 2017, at the offices of Buchanan, 107
Cheapside, London EC2V 6DN. Please contact Buchanan on 020 7466
5000 or email headlam@buchanan.uk.com
* Like-for-like revenue is calculated based on constant currency
from activities and businesses that made a full contribution in
both the 2017 and 2016 periods and is adjusted for any variances in
working days
Enquiries:
Headlam Group plc
Steve Wilson, Chief Executive Tel: 01675 433 000
Catherine Miles, Director Tel: 01675 433 006
of Communications
Investec Bank plc (Corporate Tel: 020 7597 5970
Broker)
Garry Levin / David Flin
/ Alex Wright
Buchanan (Financial PR and Tel: 020 7466 5000
IR)
Mark Court / Sophie Cowles
/ Catriona Flint
Notes for Editors:
Headlam is Europe's largest distributor of floorcoverings having
grown significantly via organic growth and acquisition since
1992.
Headlam provides the distribution link between suppliers and
customers of floorcoverings, providing suppliers with the greatest
coverage and customer penetration for their products across the UK
and Continental Europe, and customers with the broadest range of
products supported by next day delivery.
The Company is engaged with suppliers across 16 countries whose
products cover a significant proportion of the floorcoverings
market (including carpet, residential vinyl, wood, laminate, luxury
vinyl tile, underlay and commercial flooring). The Company's
customers are within the residential and commercial sectors and
comprise principally independent retailers and flooring
contractors.
The Company currently comprises 61 wholly-owned businesses in
the UK and Continental Europe each operating under their own trade
brand and utilising their individual sales team which achieves a
greater reach into the customer base.
Each of the businesses is supported by the Company's centralised
and financial resources and extensive distribution network across
the UK and Continental Europe that comprises four distribution
hubs, 18 distribution centres, 59 service centres / trade counters
and a corporate showroom.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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