REG - James Halstead PLC - Trading Update

James HalsteadAnnouncement

02/02/2023 07:01

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RNS Number : 6400O  James Halstead PLC  02 February 2023

 

2 February 2023

 

JAMES HALSTEAD PLC

(the "Company")

Trading Update

James Halstead plc, the commercial flooring manufacturer and distributor, is
providing the following trading update ahead of its interim results for the
half-year to 31 December 2022.

 

In his AGM statement, on 1 December 2022, the Chairman, Mr. Anthony Wild noted
the challenges of the year, most notably energy and raw material costs. He
further noted that sales were ahead in many markets.

The Company expects to report revenues for the six months to 31 December 2022
around 8-9% ahead of the comparative period in the prior year.

Over the six months, trading of UK manufactured goods has been adversely
affected by the lack of availability of international shipping to several
overseas territories most notably Australia, North and South America.

However, in December the Company saw signs of reduced international freight
costs and raw material costs. Energy costs remain at historically high levels
but have not escalated, nor have our key European raw material suppliers faced
production interruption as a result of the energy shortage. The Company has
also been able to significantly reduce stock levels since the end of the last
financial year. This has had a positive effect on our balance sheet strength
which continues to underpin our business.

As a consequence of the challenges highlighted above, profit before tax for
the half year will be short of the comparative period but not significantly
so. However,  the Board's expectations for the full year remain positive and
unchanged.

The interim results will be published on 31 March 2023.

 

 Enquiries:

 James Halstead plc                       Tel: 0161 767 2500
 Mark Halstead, Chief Executive
 Gordon Oliver, Finance Director

 Hudson Sandler                           Tel: 020 7796 4133
 Nick Lyon /Nick Moore

 Panmure Gordon (Nomad and Joint Broker)  Tel: 020 7886 2500
 Dominic Morley

 WH Ireland (Joint Broker)                Tel: 020 7220 1666

 Ben Thorne / Chris Hardie

 

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