Interim Management Statement

RNS Number : 3306S

Headlam Group PLC

18 November 2011

 



18 November 2011

Interim Management Statement

Headlam Group plc ("Headlam"), Europe's leading floorcoverings distributor, announces its Interim Management Statement for the period from 1 January 2011 to 31 October 2011.

During the ten months to 31 October 2011, group revenue increased by 6.4% compared with the corresponding period in 2010.

In the UK, revenue increased by 7.6% with the underlying like for like performance improving by 7.9% due to one less working day in 2011.  The revenue performance over the four months to the end of October builds upon the successful achievement of the first six months of the year.

Gross margin percentage in the UK for the ten months has reduced compared with the first six months of the year due to changes in product mix.  Notwithstanding this reduction, the twelve month percentage is expected to be in line with last year.

Revenues from our Continental European businesses measured in constant currency, reduced by 5.0% for the ten month period.  The revenue performances across the three territories remain as previously reported with our French and Dutch businesses in line with the corresponding period last year but, our Swiss business experiencing a continued reduction.  However, since the collective percentage gross margin of the Continental businesses remains ahead of last year, this has compensated for the loss of revenue.

There has been no significant change in the group's financial position compared with the position disclosed at 31 December 2010.

Tony Brewer, Headlam's Group Chief Executive, said:

"As of today, November's revenue performance is consistent with the previous ten months.

Provided planned revenues are achieved for the remainder of the year, the board is confident that the group will deliver its internal performance target for 2011, as revised at the time of the Interim announcement in August."

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Enquiries:

Headlam Group plc                                                   

Tony Brewer, Group Chief Executive                            Tel: [phone]

Stephen Wilson, Group Finance Director                                 

 

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