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127.60 -1.20 (-0.93%)

Bid:

127.00

Ask:

128.20

Spread: 1.20 (0.945%)

Market Cap: £531.34m

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James Halstead reports solid first half

Wed, 27th Mar 2024 12:23

(Sharecast News) - Floor coverings manufacturer and distributor James Halstead reported robust profitability and a record interim dividend in its interim results on Wednesday.

The AIM-traded firm said that, despite a slight decrease in revenue to Â£136.5m from Â£149.6m in the prior year, it demonstrated solid margins and profit performance.

Operating profit rose to Â£26.2m from Â£23.1m, with pre-tax profit reaching Â£27.4m compared to Â£23.2m in 2022.

Basic earnings per ordinary share increased to 4.8p from 4.3p year-on-year.

The company declared an interim dividend of 2.5p per share, up from 2.25p in 2022.

James Halstead said its cash reserves strengthened to Â£62.4m compared to Â£44.3m a year earlier.

"Against difficult markets we have raised profits and are confidently growing our export of UK manufactured goods across the globe," said chief executive officer Mark Halstead.

"Once again, we have declared a record interim dividend to shareholders to reward their continued investment."

At 1157 GMT, shares in James Halstead were flat at 203p.

Reporting by Josh White for Sharecast.com.