James Halstead Regulatory News (JHD)

29 Jul 2009 07:00



29 July 2009

James Halstead plc

Pre Close Statement

James Halstead plc, the manufacturer and global supplier of commercial flooring, announces the following update on trading for the six months to 30 June 2009. 

Since our interim results, published on 30 March 2009, market conditions have continued to be very challenging. In the UK, which represents around 40% of our sales, the last six months have seen a number of school, hospital and government PFI projects being delayed or deferred and there has been a slowdown in sales. It is clear that in the UK the commercial flooring market, to the extent that it is a finishing trade to the new build construction sector, feels the effects of the recession later than others, but there are positives in that the refurbishment market is more robust.

Notwithstanding these comments, we have continued to experience good growth in many overseas markets including Germany, our largest overseas market. 

Sales prices are inevitably under pressure in the prevailing market conditions but with softer raw material prices and energy costs margins have been maintained. In addition, the performance of our outsourced flooring products, positive exchange rates and overseas earnings means that we are fully confident of meeting market expectations for the full year. 

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