Profits on the up for flooring supplier

INTERNATIONAL floor coverings distributor James Halstead has delivered a 7.7% increase in pre-tax profits at £23m.

In its half-year interim report for the period ended December 31, the AIM-listed company reported a 2.1% dip in revenue to £114.7m (2.9% on a constant exchange rate basis).

Basic earnings per ordinary share were 8.6p – an increase of 10.3% and the
interim dividend increased to a record 3.5p – an increase of 11.4%.

Chief executive of the company based at Radcliffe, near Bury, Mark Halstead, said: “We continue to build on the robust performance of the last 15 years and despite having the strength of sterling as a strong headwind to our exports in the first half  we have again reported a record profit”.