Flooring group posts another year of record sales

Flooring group James Halstead PLC has reported another record year of sales as profit remained in line at over £50m.

According to its latest results for the year ended 30 June 2023, total sales rose 4% to £303.6m from £291.9m in 2022, delivering another record year of turnover.

Pre-tax profit resulted at £52.1m, remaining consistent with the previous year.

The group said sales were driven by ‘increased demand across a number of our key markets’, adding that the UK market proved positive.

Looking ahead, trading has continued to be ‘positive’ although the UK demand has been ‘slightly less buoyant’.

Mark Halstead, Chief Executive, said: “Against a challenging backdrop, I am pleased to announce a very respectable performance across the Group and another record sales performance. Good demand across a number of our key markets has continued to drive the positive top line. Consequently, we are also pleased to report a record level of profit and record EPS, creating even more value for our shareholders.

“We continue to invest in driving process improvement and developing our product offering, with a view to also improve output efficiency. It is this approach and our tested business model which position us resiliently in the inflationary environment that has been seen across global markets.

“We ended the year with a robust balance sheet and in a position to propose a record dividend to our shareholders. Whilst inflationary issues and spending constraints remain, I and the Board remain confident in the Group’s progress going forward and look ahead to the future with confidence.”

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