Headlam in full year profit growth but 2013 sees disappointing start

WARWICKSHIRE-based floorcoverings group Headlam has seen a 2.8% increase in full year revenues, with pre-tax profits up 3.2%.

The Coleshill firm said revenue for the year ended December 31, 2012 was £585,984 (2011: £569,795). Pre-tax profit was £28,461 (2011: £27,588). Earnings per share improved by 4.9% from 24.6p to 25.8p. The board is proposing to increase the final dividend by 3.6% from 9.85p to 10.20p resulting in a total dividend for the year of 14.85p, up 4.9% on 2011.  

Key points for the year were a UK like-for-like revenues increase of 5.3%, which the firm said indicated growing market share. However, underlining the weakness of the Eurozone it said continental revenues had decreased 3.3% on a like-for-like basis.

Tony Brewer, Headlam’s Group Chief Executive, said: “The continued challenging market conditions combined with unfavourable weather has culminated in a slightly disappointing start to 2013.

“Notwithstanding this, the board are confident that the operating strategy and group structure will enable the business to continue to deliver progress in its respective markets over the longer term.”