AGM Statement

RNS Number : 9708S

James Halstead PLC

07 December 2012

 



7 December 2012

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 challenging but I can report that for the five months of the current year our flooring sales are ahead of last year. The greater part of our business trades globally and overseas we continue to achieve record sales in some key territories whilst others, most notably Australia, are trading below last year. It is apparent in several markets that large infrastructure projects are progressing but at a slower pace and with frequent delays.

Notwithstanding the above, owing to the combined benefits of softer raw material prices and a bias of sales toward higher value and margin product we are on track to surpass the comparative profit of last half year.

I stress that market conditions are difficult and though we have grown over the last few years in difficult conditions this year will, in our view, continue to be tough.

Despite the prevailing market conditions our cash balances continue to grow and the Board will consider the payment of another special dividend which would, if approved, be paid in the new tax year.

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Enquiries:
James Halstead:	Telephone: [phone]
Mark Halstead, Chief Executive
Gordon Oliver, Finance Director
Hudson Sandler:	Telephone: [phone]
Nick Lyon
Altium (Nominated Advisor):	Telephone: [phone]
Ben Thorne
Arden (Broker):	Telephone: [phone]
Chris Hardie

 

END

 

 

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