Export sales drive Halstead growth
NORTH West commercial flooring manufacturer James Halstead said today strong demand from export markets was driving a 12% hike in sales.
The Radcliffe, Greater Manchester-based company, also said it was looking to increase the ‘marketability and liquidity’ of its shares, by seeking at today’s annual meeting to double the number of shares in issue next month in a one-for-one bonus issue.
Addressing shareholders at the company’s annual meeting this afternoon chairman Geoffrey Halstead said trading in the first five months was good.
“I am pleased to report sales, year to date, are over 12% ahead of last year and in the UK around 5% ahead. Europe continues to progress well, as indeed do our Australasian operations and our other export markets also continue to expand.”
Mr Halstead said that while raw material prices had continued to rise, product shortages that were seen in the final months of the last financial year had ‘abated.’
He said it was proving difficult to pass on such increases to UK customers in order to remain competitive: “It is clear that our competitors have largely absorbed these increases and consequently the scope to pass on cost increases in the UK is limited whilst the market remains fragile.”
Looking ahead he said the group is ‘confident’ of continued strong performance: “Our continuing tasks are to build upon the successive record results of the last decade, to increase our productivity and to invest in added capacity. The marketplace is extremely competitive but we are confident of maintaining our market leading position.”
