Samuel Heath & Sons plummets as profit falls

Samuel Heath and Sons

18/11/2022 13:03

** Shares in British tap manufacturer Samuel Heath & Sons
 HSM.L  drop 13.46% to 450p 
    ** Co posts HY pre-tax profit of 521,000 pounds ($621,000)
compared with 776,000 pounds for the six months to Sept. 30,
2021
    ** Says it was adversely affected by a general rise in
energy and other costs, with combined electricity and gas
expenses more than doubling 
    ** Adds avoiding supply chain disruption has been a key
concern and it had to increase order lead times and build stock
levels to minimize delays in production
    ** Says it is hesitant to predict results for second half of
the year, flags potential worldwide recession, strains on supply
chain and labor market 
    ** Including session loss, stock down ~5.45% YTD
($1 = 0.8386 pounds)
 (Reporting by Hani Kollathodi in Bengaluru)
 ((Hani.Kollathodi@thomsonreuters.com;))