Revenue, earnings per share tick higher for James Halstead

2nd Oct 2023 12:59

(Sharecast News) - Commercial flooring manufacturer and distributor James Halstead reported a 4% rise in revenue in its preliminary results on Monday, to £303.6m.

The AIM-traded firm said its profit before tax remained unchanged for the 12 months ended 30 June at £52.1m.

However, profit after tax increased 5.1%, reaching £42.4m in contrast to the £40.3m reported in the prior year.

Earnings per ordinary share showed an enhancement of 5.2% to 10.2p, as the board proposed a final dividend per share of 5.75p, up 4.5% from the 5.5p distributed in the previous year.

Additionally, the company's cash reserves swelled by over £11m, recording a sum of £63.2m at year-end, compared to £52.1m in 2022.

"Against a challenging backdrop, I am pleased to announce a very respectable performance across the group and another record sales performance," said chief executive officer Mark Halstead.

"Good demand across a number of our key markets has continued to drive the positive top line.

"Consequently, we are also pleased to report a record level of profit and record earnings per share, creating even more value for our shareholders."

Halstead said the company continued to invest in driving process improvement and developing its product offering, intending to improve output efficiency.

"It is this approach and our tested business model which position us resiliently in the inflationary environment that has been seen across global markets.

"We ended the year with a robust balance sheet and in a position to propose a record dividend to our shareholders.

"Whilst inflationary issues and spending constraints remain, I and the board remain confident in the group's progress going forward and look ahead to the future with confidence."

At 1154 BST, shares in James Halstead were up 1.51% at 210.12p.

Reporting by Josh White for Sharecast.com.