Floor coverings firm returns to profit after ‘strong recovery’

Coleshill-based floor coverings firm Headlam says it has made a “strong recovery” to 2019 levels, after posting its interim results for the six months to June 30.

Total revenue of £329.9m over the period is in-line with H1 2019 (£335m), and 45.2% ahead of H1 2020 (£227.2m)

Headlam also revealed underlying operating profit and underlying profit before tax of £17.4m and £16.7m respectively, representing a reversal from the losses in H1 2020 (£1.1m and £1.8m losses respectively).

Steve Wilson, chief executive, said: “The pleasing performance in the period demonstrates a strong and sustained recovery following the initial impact of COVID-19, with the Company operating effectively throughout despite further lockdowns at the start of the year. As a consequence of this performance, along with balance sheet strength and confidence in the prospects for the business, we have returned to a normal dividend profile more rapidly than initially anticipated. Notwithstanding the presence of some industry-wide and other COVID-19 related headwinds, we remain positive on prospects and look forward to our busiest trading months in the fourth-quarter.”

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