Last checked at 4 Dec 2009 07:00
4 December 2009
James Halstead plc
Chairman's Statement to the Annual General Meeting
James Halstead plc, the commercial flooring company, will hold its AGM today at 12.00 noon at which the Chairman, Mr Geoffrey Halstead, will make the following statement:
As is customary, I would like to give you an update on trading now that we are five months into the current financial year.
The general economic climate continues to be fragile and spending patterns of end users appear cautious but we are encouraged that we are trading at levels that, in most cases, exceed last year. Given that the half year to December 2008 was a record performance this can only be regarded as most heartening. Export markets appear to be more active on a consistent month to month basis and the low value of Sterling against our major export trading currencies is assisting us.
Interest rates on our deposits are negligible, though it is clear the negative effect of 'lost' interest is being offset by the current trading performance.
In summary we are doing well and although it is still too early in the prevailing climate to make firm predictions for the outcome for the full year I remain confident of reporting further progress.
Having regard to our cash on hand, and the trading to date this year, the Board feels that the time is right to make another special dividend of 15p per ordinary share and this will be paid in late January 2010. This will be our fourth special dividend adding to those of January 2005, February 2006 and February 2007. Since 2005 through to 2009 sales have increased by over 50% and profit after tax by over 250%.
In addition, the Board has been asked by several shareholders whether it would consider bringing forward the interim dividend, on a one off basis. The interim dividend is usually paid in late May and the request is to move this to the end of March, which has the effect of moving the income from the 2010/11 tax year into the current tax year. In principle, the Board is minded to adopt this but will not make a final decision until January 2010 and will make a further announcement in due course.
Enquiries:
| James Halstead plc | 0161 767 2500 |
| Mark Halstead, Chief Executive | |
| Gordon Oliver, Finance Director | |
| Hudson Sandler | 020 7796 4133 |
| Nick Lyon | |
| Altium | 020 7484 4040 |
| Ben Thorne Paul Chamberlain |