1 October 2024
JAMES HALSTEAD PLC
(“James Halstead”, the “Group” or the “Company”)
PRELIMINARY ANNOUNCEMENT OF AUDITED RESULTS
FOR THE YEAR ENDED 30 JUNE 2024
James Halstead plc, the AIM listed manufacturer and international distributor of commercial flooring, announces its results for the year ended 30 June 2024:
Financial highlights
| · | Revenue at £274.9 million (2023: £303.6 million) – down 9.4% |
| · | Profit before tax of £56.2 million (2023: £52.1 million) – up 7.9% |
| · | Profit after tax of £41.5 million (2023: £42.4 million) – down 2.1% |
| · | Earnings per ordinary share of 10.0p (2023: 10.2p) – down 2.0% |
| · | Final dividend per ordinary share proposed of 6.0p (2023: 5.75p) – up 4.3% |
| · | Cash of £74.3 million (2023: £63.2 million) |
Operational highlights
| · | Gross margin improvement in all major markets – overall up by 6% to at 44% (2023: 38%) |
| · | Continued investment in our operations: |
| o Riverside – invested £350,000 to update new drive system for press and registration control systemso Royton – full upgrade to modern LED lighting at the cost of £200,000o Radcliffe – undertaking preparatory work for a £400,000 investment in solar panels | |
| · | New significant business secured in UAE, Colombia, Iceland, Italy, Mexico, Poland, Greece and South Africa |
| · | Completion of projects around the world underpin our strong foothold in global markets |
Outlook
| · | Prospects continue to look positive giving the board confidence in the outturn for the financial year ahead |
| · | FY24 was a year of profitable growth – we look ahead with confidence in our long term strategy |
Mr Mark Halstead, Chief Executive, commenting on the results, said:
“FY24 has been a largely positive year against the challenging economic backdrop with frustrations and further disruption to global trade routes. Our proposed dividend continues our unbroken chain of dividend payment increases from 1974.
We have continued to invest in process improvement as well as product development to improve output efficiency and our product offering. This has been substantial and I am pleased to say has already led to improved productivity and margin improvement.
During the year we have secured many prestigious projects around the world, demonstrating the continued demand for our high quality offering on a global scale.
We look ahead to FY25 in good stead and after delivering another year of profits growth.”