31 July
2024
JAMES HALSTEAD
PLC
(the "Company")
Trading
Update
James Halstead plc, the commercial
flooring manufacturer and international distributor, is providing
the following trading update ahead of its results for the year
ended 30 June 2024.
The Company is fully confident of
exceeding the prior year comparatives for profit, cash levels and
dividend, with improved profitability seen in the first half
continuing into H2.
The Company sells, for the most
part, commercial flooring across the world and has seen continued
confidence in the segment of resilient sheet flooring that is sold
into the healthcare, education and other institutional sectors.
Regionally sales into the Middle East and the Americas have been
particularly buoyant. Some of the Company's products are focused on
domestic sectors and performance of these products have been weaker
in several territories - the UK and Europe being the most
significant.
Notwithstanding this drag on
performance the Group's productive output, gains on product mix and
cost control of overheads have bolstered margins.
There have been gains on lower raw
material pricing although energy costs, principally electricity,
remain high. Notwithstanding the fall in raw materials costs during
the year these input costs, in general, are around 50% ahead of
June 2020 levels.
Operationally, the widely
reported disruption to shipping in the Red
Sea has lengthened delivery times and increased costs across the
sector, which is particularly difficult for our APAC markets. As a
result stock in transit has increased and in response we are
holding stocks in the our overseas marketplaces at higher than
normal levels.
In summary, profit before tax will
be at record levels and in line with (upwardly revised) market
expectations.
The Company expects to announce its
results for the year ended 30 June 2024 on 1 October
2024.
The Company also announces that its
Nominated Adviser and Broker has changed its name to Panmure
Liberum Limited following completion of its own corporate
merger.
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Enquiries:
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James Halstead plc
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Tel: 0161
767 2500
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Mark Halstead, Chief
Executive
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Gordon Oliver, Finance
Director
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Hudson Sandler
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Tel: 020
7796 4133
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Nick Lyon / Nick Moore
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Panmure Liberum (Nomad and Joint Broker)
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Tel: 020
7886 2500
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Ed Mansfield / Tom
Scrivens
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Zeus (Joint
Broker)
Ben Thorne / Fraser
Marshall
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Tel: 020
3829 5000
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