Halstead refuses to be floored by strong pound

COMMERCIAL flooring specialist James Halstead has reported revenues up 5.7% to £117.2m in its half year results ending in December.

The AIM–listed company, based in Radcliffe near Bury, withstood difficulties caused by the strength of Sterling to “near record levels” to improve its performance.

Operating profit rose 5.1% to 21.6m and the company based in Radcliffe, near Bury, also enjoyed a pre-tax profit of £21.4m – up 5.3%.

Basic earnings per ordinary share were 7.8p, a rise of 5.4%, with its net cash at £46.7m.

The good news was trumpeted by chief executive Mark Halstead, who said: “After 100 years of manufacturing, 67 as a quoted company and in our 40th year of increased dividend, I am reminded of the famous Kipling quote ‘gardens are not made by sitting in the shade’.

“We have grown and prospered and I have confidence in the full year results.”

Chairman Geoffrey Halstead said: “There are many positives to our outlook and in the difficult times of recent years we have delivered the gains we had targeted.

“Once again we have increased our market share but the current strength of Sterling to near record levels presents more challenges and headwinds in the coming months.

“That said, the quote of Churchill that ‘kites rise highest against the wind, not with it’ will be our mantra. I remain confident of further progress during the rest of the year.”