James Halstead earnings narrow amid inflationary pressures

31st Mar 2022 12:35

(Sharecast News) - Commercial flooring manufacturer James Halstead reported revenue of £136.7m in its first half on Thursday, up from £130.45m year-on-year.

The AIM-traded firm said its operating profit slipped slightly for the six months ended 31 December, however, to £25.5m from £26.2m.

Its pre-tax profit came in at £25.4m, down from £26m year-on-year, while basic earnings per share narrowed to 4.73p from 4.89p in the first half of 2020.

The company's board still hiked the interim dividend to 2.25p per share, however, from 2.125p a year ago.

Cash at period end on 31 December totalled £69.4m.

"I, and the board, believe we have delivered a solid performance given the continued tumult that has challenged our businesses, compounded by inflationary pressures not seen in a generation," said chief executive officer Mark Halstead.

"These challenges continue and we are fully focused on the balance of the financial year armed with our collective experience and committed workforces as major assets."

At 1215 BST, shares in James Halstead were down 3.74% at 226.2p.