Flooring firm Halstead expects record half year

JAMES Halstead, the North West flooring manufacturer, is confident of notching up another strong performance, despite the uncertain macro-economic backdrop.

 The Radcliffe-based company, which supplies commercial flooring worldwide, has been one of the region’s star performers in recent years as it has benefited from the weak pound.

In its latest trading update, to be delivered to shareholders at noon by chairman Geoffrey Halstead, the group’s strong start to the first half of this year will be confirmed.

He will say: “In the UK the general economic climate continues to be fragile and spending patterns of end users appear cautious but I can report that for the five months of this current year our sales in this country are about 4% of last year.

“In addition, the greater part of our business trades globally and overseas we continue to achieve record sales. Turnover for the first half of our financial year can be expected to be at record levels.”

 With raw material price inflation easing too, Mr Halstead, who announced that he is moving to a non-executive role at the business he has served since 1962, said he was “confident of profits growth and another record half year.”

He will add:  “Indeed the combination of raw material prices and exchange rates suggests profits will grow faster than the rate of sales if the situation continues.”

Turning to the economic situation, he will say: “The uncertainties of government spending in parts of Europe and the UK, the ongoing debt crises and the questions over the Euro lead us to remain vigilant.

“Notwithstanding this, as I look around our businesses we are in robust health and should continue to progress.”