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HEADLAM FIGURES SHOW REASSURING PERFORMANCE DESPITE PROFIT FALL

Floorcoverings distributor Headlam Group plc has announced its interim results for the first half of the year, reporting a drop in pre-tax profit but growth in total revenue.

Floorcoverings distributor Headlam Group plc has announced its interim results for the first half of the year, reporting a drop in pre-tax profit but growth in total revenue.

The figures for the first months of 2019 revealed pre-tax profits dropped to £15.97m for the first half, down from £16.42m for the same period last year.

Total revenue, however, increased by 3.3% from £337.5 million in 2018 to £348.7 million, with both the residential and commercial sectors in the UK and Continental Europe all contributing positively.

Like-for-like revenue also increased by 1.8% and 3.2% in the UK and Continental Europe respectively, resulting in an overall like-for-like revenue increase of 2.0%
Gross margin maintained at 32.5%, despite a shift in business mix towards the commercial sector.

Ahead of proceeding further into the traditionally stronger second half of the year, and mindful of a backdrop of political uncertainty, the Board said it currently maintains its expectations for the full year.

Commenting on the figures, Steve Wilson, Chief Executive of Headlam Group, said: "The Company delivered a reassuring performance during the Period, in what remained relatively restrained markets, with growth on an absolute and like-for-like basis in both the UK and Continental Europe. Growth has continued into the second half of the year to-date, and we currently maintain our overall expectations for the full year."

www.headlam.com

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