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James Halstead profit rises in H1 as cost cuts offset flat revenue growth
StockMarketWire.com
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Commercial floor coverings James Halstead reported a rise in profit as cost cuts helped offset flat sales growth in the first of the year.
For the half year ended 31 December 2020, pre-tax profit was up 3.3% to £26.0 million year-on-year as revenue was flat at £130.45 million.
The company said it achieved a 'record level for sales and, against a difficult global trading environment.'
The company decided to declare an interim dividend of 4.25p per share.
Looking ahead, the company flagged challenges from supply-chain disruptions that increased cost.
'In recent months there have been shortages of basic raw materials that, in conjunction with employee absenteeism, have disrupted our production,' the company said.
'There have been increases in the cost of materials which in themselves present challenges but availability is more problematical. These shortages, bordering on supplier rationing, continue but it is encouraging that production has been and continues to be able to fulfill all confirmed orders,' it added.
At 10:01am: (LON:JHD) James Halstead PLC share price was 0p at 468p
Story provided by StockMarketWire.com
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