Headlam Group PLC Pre-close Trading Update (1784C)
18 January 2018 - 6:00PM
UK Regulatory
TIDMHEAD
RNS Number : 1784C
Headlam Group PLC
18 January 2018
18 January 2018
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 trading update in respect
of the 12 months ended 31 December 2017 and ahead of announcing its
final results for the year ended 31 December 2017 on Tuesday, 6
March 2018.
As outlined in the Trading Update announcement dated 7 December
2017, the first four months of the second half of 2017 were
characterised by weaker markets. However, the trading performance
improved in November and December 2017 relative to the first four
months of the second half. This led to an overall positive result
for the year, with total revenue growth of 2.1% (1.2% in constant
currency) (with one less working day than 2016) and like-for-like
revenue* growth in the UK and Continental Europe of 0.5% and 4.2%
respectively.
The Company's concerted focus on margin enhancement and
efficiencies throughout 2017 more than offset the slightly lower
than originally anticipated revenue growth, and further to the
December 2017 Trading Update announcement the Company now expects
to report underlying** profit before tax for the year ended 31
December 2017 comfortably in-line with consensus market
expectations. The consensus market expectations for underlying**
profit before tax of GBP42.5 million represents an uplift of 6.0%
on the prior year.
Following the acquisition in December 2017 of Domus, the UK's
leading specification consultant and supplier of hard surfaces for
premium construction and refurbishment projects, the Company is
hosting a Capital Markets Event for analysts and institutional
investors on 30 January 2018. The event, which is to be held in
London, aims to provide a detailed overview of Domus's operations
and marketplace, as well as the strategic rationale and benefit to
the Company. No new material information will be provided***.
*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
**Before non-recurring items, including intangibles write-off
relating to the businesses acquired in 2017, acquisitions fees and
non-recurring costs relating to personnel changes
***Any enquiries about the Capital Markets Event should be
directed to the Enquiries list given below
The Company has separately today announced Board Changes in
respect of Non-Executive Directors and the Non-Executive Chairman
of the Company.
Enquiries:
Headlam Group plc Tel: 01675 433 000
Steve Wilson, Chief Executive
Catherine Miles, Director
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 Wills
/ Catriona Flint
Notes for Editors:
Headlam is Europe's largest distributor of floorcoverings having
grown significantly via organic growth and acquisition since
1992.
Headlam's core business 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 17 countries whose
products cover a significant proportion of the floorcoverings
market including carpet, residential vinyl, engineered wood,
laminate, luxury vinyl tiles, ceramic tiles, underlay and
commercial flooring. The Company's customers are within both the
residential and commercial sectors and comprise principally
independent retailers and flooring contractors.
The Company comprises 62 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.
www.headlam.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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