Flooring manufacturer James Halstead PLC on Monday reported a growth in revenue and profit boosted by strong demand and higher prices.

For the year that ended June 30, the Manchester-based company posted a 9.6% rise in revenue year-on-year to £291.9 million from £266.4 million.

Pretax profit edged up 1.6% to £52.1 million from £51.3 million.

James Halstead lowered its yearly payout by 21% to 7.75 pence per share from 9.75p a year ago. The company maintained its final dividend of 5.5p, however in June it paid an interim dividend of 2.25p versus 4.25p a year ago.

‘A solid performance for a year that started in a positive way, as the large challenges of the last two years looked set to dissipate, only to be faced by a set of new obstacles with both energy and materials costs escalating,’ commented Chief Executive Mark Halstead.

Chair Anthony Wild noted the falling value of sterling will increase input costs, but when it comes to its exports, it may bring some positives.

Looking ahead, Chair Wild said: ‘Trading from the year-end to date has been positive. Post year end, prices have been increased and demand has remained strong. Sales volume is higher and we have continued to pass on cost increases. Costs, most particularly energy, have continued to rise.’

He added however that the company is unable to forecast the effects of energy costs on the plethora of materials and goods ‘ that are needed to undertake mass volume manufacture’. Chair Wild expects progress over the medium term.

James Halstead shares fell 1.7% to 203.00 pence each in London on Monday morning.

Copyright 2022 Alliance News Limited. All Rights Reserved.