AGM Statement

RNS Number : 2134T

James Halstead PLC

02 December 2011

 



2 December 2011

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.

In the UK the general economic climate continues to be fragile and spending patterns of end users appear cautious but I can report that for the 5 months of this current year our sales in this country are about 4% ahead of last year. In addition, the greater part of our business trades globally and overseas we continue to achieve record sales. Turnover for the first half of our financial year can be expected to be at record levels.

In addition, we have seen some respite from the constant upward trend in raw material prices and a degree of amelioration in availability and I can be confident of profits growth and another record half year. Indeed the combination of raw material prices and exchange rates suggests profits will grow faster than the rate of sales if the situation continues.

The uncertainties of government spending in parts of Europe and the UK, the ongoing debt crises and the questions over the Euro lead us to remain vigilant. Notwithstanding this, as I look around our businesses we are in robust health and should continue to progress.

I joined the Board of this company at the AGM in 1962, at a time when our annual turnover was below the level of what today is sold in a week and it is time for me to take a step back. I have acted as Executive Chairman for the last decade and will continue on the Board but as

Non-executive Chairman.

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Enquiries:
James Halstead:	Telephone: [phone]
Mark Halstead, Chief Executive
Gordon Oliver, Finance Director
Hudson Sandler:	Telephone: [phone]
Nick Lyon
Altium:	Telephone: [phone]
Ben Thorne
Paul Chamberlain

 

END

 

 

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