Headlam ‘set fair’ for when current headwinds ease up as revenue falls slightly
Floor coverings distributor Headlam has said it is “set fair” for when current headwinds let up, after posting a slightly subdued revenue in interim results.
The London-listed firm posted total revenue of £323.8m, versus £329.9m the previous year, in results for the six months ended 30 June 2022.
It recorded a 2.9 per cent decline in the UK owing to weakness in the residential sector.
Headlam posted an improved underlying operating profit and underlying profit before tax of £17.9m and £17.3m, compared to last year’s sums of £17.4m and £16.7m.
“Headlam should be set fair for when the current headwinds ease, and the company is focused on long term success,” Chris Payne, chief executive, said.
The company said it was on track to meet market expectations for the year, despite trading remaining “challenging” and continuing operational cost inflation.