REG - James Halstead PLC - Trading Update

James HalsteadAnnouncement

31/07/2024 07:00

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RNS Number : 4227Y  James Halstead PLC  31 July 2024

 

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.

 

 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 Liberum (Nomad and Joint Broker)  Tel: 020 7886 2500
 Ed Mansfield / Tom Scrivens

 Zeus (Joint Broker)                       Tel: 020 3829 5000

 Ben Thorne / Fraser Marshall

 

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