(Alliance News) - James Halstead PLC on Thursday said a bumper year for the flooring products manufacturer was stopped in its tracks by Covid-19, with its trading souring in the final quarter.
For the year to June 30, revenue fell 5.7% to GBP238.6 million from GBP253.0 million and pretax profit dropped 9.2% to GBP43.9 million from GBP48.3 million.
"In a year that was on track to be our best ever, the global pandemic challenged our teams across the world and it is pleasing to note that we were not found wanting. We undertook many notable projects as diverse as the renovation of Moscow subway trains and NATO barracks in Lithuania. The year started with dealing with the effects of a major production line breakdown through to a record half year in terms of sales and profit followed by a final three months of pandemic disruption. Against the backdrop I rate our team's performance as five star," Chief Executive Mark Halstead said.
James Halstead said were it not for Covid-19, annual revenue could have been GBP25 million higher and it could have pocketed an extra GBP7 million in profits.
Despite the hit from the pandemic, the company raised its annual payout by 1.8% to 14.25 pence, a record dividend, from 14.0p.
"Currently, some three months into the new trading year, our sales are on a par with the record trading of the comparative period. Business has bounced back with refurbishment in many sectors buoyant, but with difficulties in sectors such as catering/hospitality," the company said.
Shares in the company were 2.5% higher at 496.00p each in London on Thursday morning.
By Eric Cunha; email@example.com
Copyright 2020 Alliance News Limited. All Rights Reserved.