(Alliance News) - James Halstead PLC on Friday said it has made solid progress so far in its new financial year despite challenging environment in the UK.
Ahead of its annual general meeting, the flooring products distributor said its cash balances remain "robust", although it expects to record a GBP4 million one-off cost in its current financial year due to the new rules on accelerated quarterly UK corporation tax payments.
Elsewhere, James Halstead said it continued to experience "modest" growth in turnover and profit.
"The trading environment in the UK is challenging and across all markets large projects are keenly contested by all manufacturers," said Chair Anthony Wild.
"Nevertheless, trading is ahead of last year, and I can report that amongst the projects we have supplied are installations as diverse as Pizza Pino on the Champs-Elysees in Paris, the RNZAF air base in Ohakea, New Zealand and the Thon Hotel in Gardermoen, Norway."
James Halstead shares were untraded in London on Friday morning, last closing at 504.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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James Halstead (JHD)