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Annual Results

Headlam hikes divi as underlying pre-tax profits rise

07 March 2017 08:01

Headlam Group, Europe's largest distributor of floorcoverings, posts underlying pre-tax profit of £40.1m for the year to the end of December - 12.6% up on last time.

Total revenue increased by 6.0% to £693.6m with a significant outperformance of the 3.8% growth in the UK floorcoverings market with UK like-for-like revenue growth of 4.7% in 2016 (2015: UK like-for-like growth 3.9%).

Statutory profit before tax increased by 7.3% to £38.2m and basic underlying earnings per share increased by 14.5% to 38.7 p.

The total ordinary dividend is up by 8.9% to 22.55p per share and the group has declared a special dividend of 8.0p (2015: special dividend of 6.0p).

Chief executive Steve Wilson said: "2016 was another successful year for Headlam and we were able to significantly outperform the steady growth in the UK floorcoverings market and thereby gain market share, further cementing our market leading position in Europe.

"The 2016 financial results and overall financial strength of the Company have also allowed us to declare another special dividend, which supplements the Company's progressive ordinary dividend policy.

"We are dedicated to building on our existing business model which has achieved the strong financial results evident to date, whilst beginning to implement plans to further improve the operating performance of the business going forward.

"2017 to date has shown continued growth in the UK and Continental Europe, and we look forward to the year with confidence."

At 8:01am: (LON:HEAD) Headlam Group PLC share price was -0.5p at 602.5p

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