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LONDON (Alliance News) - Flooring manufacturer James Halstead PLC boosted its dividend Wednesday after its annual profit and revenue hit record levels despite significant investment in new products.
For the year ended June, pretax profit rose to GBP46.7 million from GBP46.6 million the year prior. This was after revenue rose to GBP249.5 million from GBP240.8 million the year before.
James Halstead proposed a 9.65 pence per share final dividend, up 4.3% from 9.25p the year prior. For the full year, the dividend was increased 3.8% to 13.5p from 13.0p.
"From the Forensic Laboratory of The Metropolitan Police in Buenos Aires to the new Schengen area of Athens Airport we continue to cover the world and again report record turnover, profit and dividend," James Halstead Chief Executive Officer Mark Halstead said. "With the investment in product, processes and structures, I believe we have undertaken significant groundwork in the year to put us in good stead for continued progress."
The firm has a net cash position of GBP50.7 million, slightly down from GBP52.5 million a year prior.
Chairman Anthony Wild added: "Trading since our year-end continues to be solid, particularly in the UK. Given the adverse raw material cost increases over the last twelve months or so we have increased our prices which our trade partners have accepted. I can only be confident of continued progress in the coming year."
Shares in James Halstead were 0.8% lower at 425.40 pence on Wednesday.