Floor specialist sees profit increase in face of market uncertainty
Commercial flooring specialist James Halstead saw its pre-tax profits increase by two per cent to £23.7m in the last six months.
The AIM listed company, which is based in Radcliffe in Manchester, has posted its interim results for the second half of 2017.
The company saw a 5.4 per cent increase in revenues to £126m and its operating profits increased by 1.6 per cent to £23.9 million.
The company said it was particularly pleased with the results given the uncertainty caused by the collapse of Carillion in the construction industry.
Mark Halstead, the chief executive of the company, said he was delighted with the performance of his business.
He added: “Yet another record half-year for sales and profit and once again an increase in dividend.”
Chairman Anthony Wild added: “I am greatly pleased to be able to continue the long tradition of reporting not only a record level of sales at the interim but more gratifyingly increased profit and an increased interim dividend.
“The mix and range of customers continues to be as diverse as it is global, whether it is the Kitéa Furniture stores across Morocco, the Tullibardine Whisky Distillery located in Perth & Kinross or the University of Corsica founded by Pasquale Paoli in 1765.
“Given the tumult in the facilities management sector, not least the demise of Carillion, this is to my mind, commendable.
“Our pre-tax profit at £ 23.7m is some two per cent ahead of the prior year comparative and is creditable against the raw material cost increases in this six months’ trading.”
The Company will soon reach another milestone in its history- seventy years as a publicly quoted company.
James Halstead floated on the Stock Exchange on 4th May 1948. At float there were 700,000 shares of 10 shillings in issue and anyone who followed the buy advice of stockbrokers W I Carr in November 1948 would have seen an approximate 300,000% return on their investment.
