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Tony Brewer, Headlam's Group Chief Executive, said: "The individual autonomous businesses have succeeded in producing a strong performance in the first half, in what are generally considered to be challenging market conditions. This has been achieved through a constant programme of product development, combined with sales and marketing activities, with support from a comprehensive logistics service. Due to the benefit of our supplier relationships and continued positive trading from our customers, revenue achievement since the period end has given a good start to the second half. Whilst market conditions remain challenging, we are currently confident of achieving our revised objectives for the year."
Key points · UK revenues increased by 7.4% on a like for like basis · Indicators suggest UK performance ahead of the market · Profit before tax increased by 17.3% · Earnings per share increased by 19.2% · Dividend increased by 12.3% to 4.30p
http://www.investegate.co.uk/Article.aspx?id=201108190700106418M
Headlam, the European floor-covering distributor, has, like the retailer United Carpets, bucked the downturn in the carpet market by rolling out stellar figures for the first half of the year. Analysts at Peel Hunt said the result was "excellent" in what the distributor's management called a "flat" market, particularly in the UK, where its like-for-like sales surged by 7.4 per cent. It's also worth noting that Headlam trades on what is a relatively modest forward-earnings multiple of 11.6 times. Buy, recommends the Independent.
Shore Capital and Altium Securites both upgrade Headlam from hold to buy.
Tony Brewer, Headlam's Group Chief Executive, said: "The performance in 2010 and a positive start to 2011 is a result of the tremendous effort from our management, sales people and all our employees. The group has positioned autonomous businesses into specific market sectors to take full advantage of all opportunities. Through this structure we have extensive penetration into the floorcovering market encompassing both suppliers and customers. Each of our business teams are focused on meeting their individual targets, which provides the group with confidence to achieve its overall objectives for the year."
Key points UK, which represents 80.8% of group revenue, like for like revenue increased by 0.4% Continental European revenue decreased by 0.7% on a like for like basis Profit before tax increased by 13.3% Net cash increased to £10.5 million Dividend per share increased by 12.7%
http://investegate.co.uk/Article.aspx?id=201103110700067425C
Headlam profits spark divi hike Date: Friday 11 Mar 2011 LONDON (ShareCast) - Floor coverings group Headlam grew profits by over 13% in 2010 and has enjoyed a positive start to 2011. Profit before tax rose to £25m last year from £22.1m in 2009 on revenue up 0.4% to £535.7m, a good effort, Headlam said, given that indications were market size would keep falling. The UK business, which accounts for almost 81% of group revenue, lifted like for like sales by 0.4%, but sales fell 0.7% in Continental Europe, as flagged in January’s trading update. Excluding January and February, hit by harsh weather conditions, revenue to November was up 1.2% in the UK. “Each of our business teams are focused on meeting their individual targets, which provides the group with confidence to achieve its overall objectives for the year," chief executive Tony Brewer said. “We have made a positive start to 2011 and whilst January and February are relatively lower trading months, it does give a good indication to future trading assuming normal seasonality.” A final dividend of 8.57p a share takes the full-year payout to 12.4p, up 13%.
As britains largest flooring distributors i really think this will kick off well once the recession is over.Beds, GAAS mercado and Alvin Morris are just a tiny proportion of their outletsa and all are confident in Huge sales upon good firm goverment news of the end of the recession.