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28 Aug 2019 | 08:08

Headlam profits slip on higher costs, muted conditions in UK residential market

Floorcoverings distributor Headlam Group reported a slip in half-yearly profits amid higher costs and muted conditions in the UK residential market segment. For the six months ended 30 June 2019, pre-tax profit slipped to £16.0m from £16.4m a year earlier as revenue grew 3.3% to £348.7m. The residential and commercial sectors were up 2.0% and 5.7% respectively, the company said. 'The drop-through profit from the additional £11.2m of revenue in the period was offset by the 3.7% increase in underlying distribution costs and administrative expenses which totalled £95.1m (H1 2018: £91.7m),' the company said. The company maintained the 2019 interim dividend at 7.55 pence. 'Growth has continued into the second half of the year to-date, and we currently maintain our overall expectations for the full year,' the company said.

At 8:08am: (LON:HEAD) Headlam Group PLC share price was +4.25p at 423.75p

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