James Halstead PLC Trading Update (7384H)
01 Août 2023 - 8:00AM
UK Regulatory
TIDMJHD
RNS Number : 7384H
James Halstead PLC
01 August 2023
1 August 2023
JAMES HALSTEAD PLC
(the "Company")
Trading Update
James Halstead plc, the commercial flooring manufacturer and
international distributor, is providing the following trading
update ahead of its results for the year ended 30 June 2023.
The Company's market expectations for the full year remain
unchanged.
2023 was a year of contrast, with the earlier months of the
financial year having faced escalating energy costs, severe
difficulties as a result of the lack of timely availability of
international shipping and increased transportation costs. However,
the latter months of the year were much more positive with the
easing of electricity costs and a great improvement in shipping and
transportation costs.
Sales demand has, on the whole, proved positive with the UK, the
Americas, Australia, New Zealand and Malaysia all reporting
increased demand, although Central Europe sales were lower than
last year. Also positive for the year, gross margins improved for
the reasons already noted and were helped by a swing in the mix of
sales to pure commercial ranges as opposed to light
commercial/heavy domestic. The core focus of our flooring ranges in
healthcare, education and retail infrastructure, rather than
private residential, remains a key benefit to our business
model.
In March 2023, the UK finalised an agreement to join the
Comprehensive and Progressive Agreement for Trans-Pacific
Partnership (CPTPP). The agreement sees the UK joining the CPTPP,
whose membership consists of Australia, Canada, Japan, Mexico, New
Zealand, Singapore, Brunei, Chile, Malaysia, Peru and Vietnam.
Following the agreement, the UK government estimates that over 99
per cent of UK exports to the bloc will be eligible for zero
tariffs. James Halstead exports various product lines to 10 of the
11 CPTPP member countries (the exception being Brunei),
representing an estimated c.8% of its global revenue, where import
tariffs range between 5% - 20%. This is good news for the
competiveness of our products in these markets.
Stock levels that were strategically raised last year are now at
much lower levels and our cash balances are robust and ahead of
comparatives at 30 June 2022 and 31 December 2022, even though
record levels of dividend and taxation have been paid out during
the year.
The Company expects to announce its results for the year ended
30 June 2023 on 2 October 2023.
Enquiries:
James Halstead plc Tel: 0161 767
2500
Mark Halstead, Chief Executive
Gordon Oliver, Finance Director
Hudson Sandler Tel: 020 7796
4133
Nick Lyon / Nick Moore
Panmure Gordon (Nomad and Tel: 020 7886
Joint Broker) 2500
Dominic Morley
WH Ireland (Joint Broker) Tel: 020 7220
Ben Thorne / Chris Hardie 1666
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END
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August 01, 2023 02:00 ET (06:00 GMT)
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