James Halstead still upbeat despite euro fall

MANUFACTURER James Halstead, says it is on course of a record year for sales and profits, despite the weak euro impacting on exports.

The listed group, which specialises in making and distributing commercial flooring with brands such as Polyflor, has its main manufacturing site in Whitefield near Bury and has a major distribution site in Oldham.

In a trading update ahead of its half year results for the six months to the end of December chief executive Mark Halstead said the business remains in good shape.

He said: “In his AGM trading update, on December 52 (chairman)  Geoffrey Halstead noted that he had every expectation of a record year in terms of turnover and profit.

“At this stage, with turnover around 6% ahead of the comparative six months, it seems clear that the first half year is in line with the chairman’s expectations.”

However, there are some challenges, he said, adding: “As a significant exporter the current weakness of the euro is not helpful to our business but a stronger Sterling and the lower price of oil are compensatory in their effects on energy costs and raw material prices.

“Confidence in the full year is unchanged and remains positive.”