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Samuel Heath & Sons PLC on Wednesday announced a profit decline on the back of higher costs, while it noted a sound start to the new financial year. The Birmingham-based shower and bathroom accessory manufacturer said revenue rose 3.5% to £15.2 million in the financial year ended March 31, from £14.7 million a year earlier. Pretax profit declined 17% to £884,000 from £1.1 million. Cost of sales increased 2.4% to £8.1 million from £8.0 million, while selling and distribution costs increased 12% to £4.0 million from £3.6 million. Administrative costs came in 10% higher, at £2.3 million from £2.1 million. Samuel Heath recommended a final dividend of 8.56 pence per share, up 13% from 7.56p a year prior. The interim dividend had been 4.50p, 18% lower than 5.50p a year before. Chair Anthony Buttanshaw said the final payout ‘will bring the total for the year (interim and final) to £331,000, the same total dividend as last year.’ ‘Although we have seen a good start to the new financial year, we are mindful of our customers’ concerns and are budgeting cautiously, while allowing sufficient flexibility should trade remain consistently positive. Recruitment has been less difficult than in 2023 and we are pleased to welcome a number of highly skilled new colleagues to the company,’ said Chair Buttanshaw. He added: ‘With the introduction of new spout patterns, we have widened the One Hundred Collection into Modern and Luxe ranges, which should reach a broader client base.’ Samuel Heath shares rose 12% to 324.25 pence each on Wednesday afternoon in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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