Headlam profits slide 45%

Profits nearly halved last year at flooring specialist Headlam though sales picked up in the second of the year and moved forward in the last three months.Pre-tax profits dropped 45% to £22m in 2009 from £40m, on sales of £534m, down 4%.The UK businesses collectively declined by 6.1% on a like for like basis. The decline in revenue was 10.7% in the first half. A generally improving performance in the second half, resulting in a like for like deficit of only 1.8%, culminated with the final quarter seeing revenue rise by 1.0% against the corresponding period in 2008."Following a more positive end to 2009, we are optimistic about a return to growth in 2010. However, market conditions, particularly in the UK, continue to be challenging, which has made normal seasonal trends and predictability difficult to establish," Headlam said.An 11p dividend is recommended for 2009, down 44%. Headlam