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LONDON (Alliance News) - Flooring manufacturer James Halstead PLC said Wednesday it expects to report "record" full year revenue and flat profit after a "creditable" performance in a tough market.
For the year ended June, sales were reported to be "ahead" of the year prior. This, the firm explained, "represents a creditable performance in still difficult trading conditions."
James Halstead added it was "particularly pleased" with the 3% annual growth in UK revenue "in a market that seems to be quite robust despite the well reported spending cuts and high street retailer issues."
For the year ended June 2017, James Halstead generated GBP46.6 million in pretax profit on revenue of GBP240.8 million.
James Halstead emphasised that, as it reported in March, the company continued to face price pressures on its raw material costs which is limiting its export currency gains. Despite this, the impact was "ameliorated by increased sales."
The firm added it had received "exceptional" feedback on its Palettone vinyl sheet covering launched in May. The premium product was described by James Halstead as the "largest new product development by any manufacturer in this core product area in many years." James Halstead has reported cost of GBP2.0 million associated with the launch.
James Halstead expects to report "record" revenue "once again" as well as profit in line with the year prior.
Shares in James Halstead were 2.3% higher at 395.00 pence on Wednesday.