LONDON (Alliance News) - Flooring manufacturer James Halstead PLC said Wednesday that December trading was "disappointing", but January has seen performance improve.
In early December, James Halstead Chair Anthony Wild had said that trading over the first five months of its financial year had been "encouraging" for both profit and revenue.
Since then, however, James Halstead said Wednesday that December trading itself had been "disappointing and broke with the trend of increases of the previous months."
"The reduction in this month was impacted by the UK and relates in part to fewer trading days and, we believe, year-end stock reductions by UK distributors," James Halstead explained. "Trading in January is ahead of the comparative period."
Despite the weak December, the firm saw a margin improvement for the six months ended December and said interim profit will be at a "record level". Cash levels have increased despite payments for dividends and tax during the period.
For the six months ended December 2017, James Halstead generated GBP23.7 million in pretax profit on revenue of GBP126.0 million.
"Our confidence in full year progress continues and our ability to continue with strong dividend growth enhanced," James Halstead added.
Shares in James Halstead were unchanged at 460.00 pence on Wednesday.
James Halstead (JHD)