Halstead set for second year of record profits

FLOORING company James Halstead has said that it is heading for another record year of profits.

The Radcliffe-based company said that for its year ending June 30, its overseas sales had matched or exceeded expectations in almost all markets and had been helped by favourable exchange rates.

It said that sales in Europe had witnessed strong growth, but added that the company had also fared well in North America, the Middle East and Asia.

Demand was “particularly buoyant” in the transport and maritime sectors, with the company winning new contracts on a number of shipbuilding contracts and at the Gorki Automotive plant in Russia.

Sales in the UK remain flat, however, as customers put off major spending decisions. The company also said that it has recently had to deal with rising raw materials prices and occasional shortages. It said that although the situation was currently manageable, it could continue for several months.

“Overall, we have started our new financial year confidently despite the global recessionary backdrop, and we continue to focus on the further growth of our business in the coming year.”