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Headlam Group PLC on Thursday emphasised the success of its business strategy, following a strong performance in 2022 in spite of the cost of living crisis.
The Birmingham, England-based floor coverings distributor said it anticipates revenue and underlying profit before tax ‘marginally ahead of market expectations’ last year.
It attributed this to good progress made under company strategy, alongside ‘pleasing performances’ from the commercial sector and continental Europe.
Headlam added that larger customer wins and effective execution of the early stage of the trade counter roll out helped offset weaker residential demand in the UK due to the cost of living crisis.
The company also acquired a number of rug distributors during the course of the financial year that strengthened its delivery of revenue growth.
Of these, Headlam noted the impact of its acquisition of Melrose Interiors, a Bradford-based supplier to the UK online rug industry.
It said that Melrose had helped to bring a number of new larger customers to the group, including major high street and online retailers.
Headlam has appointed Toni Wood as its new chief customer officer. Wood was previously chief marketing & growth officer at ufurnish.com, and chief commercial & marketing officer for DFS Furniture PLC.
Headlam expects its £15.0 million share buyback programme to be complete by the end of the first quarter in 2023.
Headlam shares were trading 2.8% higher at 335.00 pence each in London on Thursday afternoon.
By Holly Beveridge; Alliance News reporter
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