Revenue rises, profits fall slightly for James Halstead

Flooring manufacturer James Halstead reported full-year revenue of £291.9m in its preliminary results on Monday, up 9.6% year-on-year from the £266.4m it recorded last year.

The AIM-traded firm said underlying profit before tax totalled £51.1m for the year ended 30 June, down 0.4%, while earnings per ordinary share came in at 9.7p, up 1%.

The board proposed a final dividend of 5.5p per share, unchanged from the distribution it made a year ago.

James Halstead made a one-for-one bonus issue on 14 January, with the board adding that cash totalled £52.1m at the end of the financial year, down from £83.3m.

“A solid performance for a year that started in a positive way, as the large challenges of the last two years looked set to dissipate, only to be faced by a set of new obstacles with both energy and materials costs escalating,” said chief executive officer Mark Halstead.

At 1046 BST, shares in James Halstead were down 1.69% at 203p.

Reporting by Josh White at Sharecast.com.