Interim Management Statement

RNS Number : 0710M

Headlam Group PLC

18 May 2010

 



18 May 2010

Interim Management Statement and appointment of a non-executive director

Headlam Group plc ("Headlam"), Europe's leading floorcoverings distributor, announces its Interim Management Statement for the period from 1 January 2010 to date and the appointment of a non-executive director.

Trading

Total group revenue decreased by 0.1% during the first nineteen weeks of 2010.

UK revenue decreased by 0.1%, but after adjusting for the contribution from acquired business, the like for like performance decreased by 0.5%.

Collectively, the Continental European businesses registered a reduction in revenue of 0.3%.  The underlying like for like increase of 1.0%, was diluted by unfavourable currency movement.

Outlook

Revenue activity for the first nineteen weeks of 2010 has been held back by January's performance when adverse weather conditions resulted in UK like for likes being down 6.9%.  By comparison, the fifteen week trading period excluding January, resulted in the group achieving an overall like for like revenue increase of 2.1% with the UK achieving 2.4% and the businesses in Continental Europe achieving 0.2%.

Whilst the trading environment remains challenging, our operating strategy continues unchanged and we maintain our belief that the group should achieve its operating objectives for the year.

Appointment of a non-executive director

Andrew Eastgate has been appointed as a non-executive director.  Andrew joined the Headlam board with effect from 17 May 2010 at which time he was also appointed to the Nomination, Audit and Remuneration Committees.

Aged 54, Andrew was a partner in Pinsents for nearly twenty years until 2004, including being head of Pinsents' corporate practice in Birmingham for more than seven years. Andrew has a broad experience of advising quoted companies, particularly in connection with transactions and compliance issues. He is a non-executive director of Epwin Group Limited.

No information is required to be disclosed under paragraphs 9.6.13 of the Listing Rules.

Commenting on the appointment, Headlam Chairman, Graham Waldron, said:

"We are delighted to welcome Andrew to the board as a non-executive director and look forward to benefiting from his extensive corporate knowledge and expertise."

End

Enquiries:

Headlam Group plc                                                    

Tony Brewer, Group Chief Executive                             Tel: [phone]

Stephen Wilson, Group Finance Director                        

 

END

 

 

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