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Trading statements

Headlam on track

12 July 2016 07:33

Headlam, Europe's leading floorcoverings distributor, says it continues to trade in line with board expectations with revenue for the six month period increasing by 4.8% compared with the same period last year.

In the UK, like for like revenues in the period increased by 3.4% compared with the first six months last year, with residential increasing by 4.7% and commercial up by 0.4%.

Combined revenues from the Continental European businesses, measured in constant currency, increased by 2.8%. On translation to sterling, combined revenues increased by 8.9%. The group says the UK referendum has resulted in the weakening of sterling against other key currencies. One effect of the prevailing sterling euro exchange rate is to increase the cost to the group of residential floorcoverings, which are imported predominantly from Belgium and the Netherlands, by on average 6.0%. As a consequence, selling price increases of a similar amount will be implemented by the group for these products over the course of the next month. The group says it is too early to forecast any other effects that the referendum result may have on the business but the board will continue to monitor the situation carefully and manage the group accordingly.

Story provided by StockMarketWire.com

Related Company: HEAD

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