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Trading statements

Headlam revenues rise

25 May 2017 08:18

Headlam Group's total revenue for the first four months of the year to the end of April was £221.2m - up 2.2% on a year ago - with growth in both the UK and Continental Europe.

An update issued ahead of today's annual general meeting said the UK accounted for 86.0% of total revenue in the period compared with 87.3% a year ago, and UK like-for-like revenue growth was 1.9%, an uplift on the strong comparable of 4.0% growth in the corresponding period in the prior year.

The group said both the residential and commercial sectors showed a positive performance, up 2.0% and 1.6% respectively.

Continental Europe, which accounted for 14.0% of total revenue in the four months, showed like-for-like revenue growth of 3.0%.

The group said: "Very strong residential sector growth of 9.3% offset a decline of 3.5% within the commercial sector, with the performance of the Swiss business being the primary reason for the commercial sector decline." In April, the company acquired the assets of McMillan Flooring Distributors Limited based in Scotland bringing the company's total number of businesses to 61.

It said: "The acquisition, with locations in Edinburgh and Glasgow, establishes a presence for Headlam in Edinburgh whilst allowing the expansion and linking of operations in Glasgow." Headlam said that May's performance was on track and the company continued to trade in-line with the board's expectations for the full year.

At 8:18am: (LON:HEAD) Headlam Group PLC share price was -2.25p at 636.25p

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