Bloomberg News

James Halstead Full-Year Profit Rises on International Sales

October 03, 2011

(Updates with closing share price.)

Oct. 3 (Bloomberg) -- James Halstead Plc, a U.K. maker of branded commercial flooring products, said full-year profit rose 7 percent as international sales gained.

Net income rose to 27.5 million pounds ($43 million), or 26.3 pence per share, from 25.7 million pounds, or 24.8 pence per share, the Radcliffe, England-based company said in a Regulatory News Service statement today. Revenue increased 15 percent to a record 213.9 million pounds.

International sales, accounting for 66 percent of revenue, rose 22 percent. U.K. sales grew 2.7 percent. The sales’ margin fell to 40.2 percent from 42.6 percent on tight pricing on export projects, higher raw material costs and start-up expenses at the Riverside plant in Teesside, the company said.

“Notwithstanding these figures, it was a difficult year,” Geoffrey Halstead, chairman, said in the release. “The U.K. economy and the construction sector in particular faced an austere backdrop. Additional challenges were the price, and at times availability, of basic raw materials.”

He added that the coming year will be “testing” as competitors look to take market share.

The shares fell 4 percent to 410.25 pence at the 4:30 p.m. close in London trading, giving the company a market value of 427.6 million pounds. The company proposed a final dividend of 9.8 pence per share, up from 9.375 pence a year earlier.

--Editors: James Kraus, Peter Branton

To contact the reporter for this story: Namitha Jagadeesh in London at njagadeesh@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge in London at Ckeatinge@bloomberg.net


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