James Halstead forecasts record annual profit

Commercial flooring company James Halstead forecast record annual profit following higher turnover in UK and overseas markets.

The company said that at five months into the new financial year, turnover was 5% higher than at the same time last year.

Chairman Geoffrey Halstead said: "It is gratifying to report that this, our centenary year, has every expectation of being a new record in terms of turnover and profit.

"I believe our first half results will be in line with management expectations."

The company said its cash balances remained solid and it was paying a dividend of 7p, up 16.7% on that of last year.

"In this hundredth year I have every expectation that dividend will again increase- which will be the 40th year of growth," Halstead said.

Shares were unchanged at 318.62p at 08:35 in London.