Last checked at 3 Dec 2010 07:00
3 December 2010
JAMES HALSTEAD PLC
Chairman's Statement to the Annual General Meeting
James Halstead plc, the manufacturer and global supplier of commercial flooring is to hold its Annual General Meeting at 12 noon today. The Chairman, Mr Geoffrey Halstead, will make the following statement to shareholders at that meeting:
"We are now five months into the financial year and as has been my custom I would like to give shareholders an update on current trading.
I am pleased to report sales, year to date, are over 12% ahead of last year and in the UK around 5% ahead. Europe continues to progress well, as indeed do our Australasian operations and our other export markets also continue to expand...
Raw material prices have continued to rise but the shortages that we encountered in the latter months of the last financial year have abated. It is clear that our competitors have largely absorbed these increases and consequently the scope to pass on cost increases in the UK is limited whilst the market remains fragile.
Our balance sheet remains robust and the Company continues to be debt-free and cash generative.
Going forward, our continuing tasks are to build upon the successive record results of the last decade, to increase our productivity and to invest in added capacity. The marketplace is extremely competitive but we are confident of maintaining our market leading position."
At the Annual General Meeting the Board will be seeking the authority to issue 1 new ordinary share for every 1 ordinary share held as at 13 January 2011. The Bonus Issue is intended to increase the marketability and liquidity of the company's ordinary shares.
Enquiries:
| |
James Halstead: | |
Mark Halstead, Chief Executive | |
Gordon Oliver, Finance Director | Telephone: 0161 767 2500 |
Hudson Sandler: | |
Nick Lyon | Telephone: 020 7796 4133 |
Altium: | |
Ben Thorne Paul Chamberlain | Telephone: 020 7484 4040 |