Business
Pre-close Trading Update
Pre-close Trading Update.
About this update from Headlam Group Plc
[{"type":"text","content":"\n \nRNS Number : 9523U Headlam Group PLC 18 July 2018 \n\n18 July 2018\nHeadlam Group plc \n('Headlam' or the 'Company')\n \nPre-close Trading Update\nHeadlam Group plc (LSE: HEAD), Europe's largest distributor of floorcoverings, provides a trading update in respect of the six months ended 30 June 2018 (the 'Period') ahead of announcing its interim results for the Period on Wednesday, 22 August 2018.\nAs described in the AGM Trading Update announced on 24 May 2018, trading during the first four months of the year was characterised by a soft UK market backdrop affecting revenue in both the residential and commercial sectors as well as a decline in revenue attributable to the Company's largest customer. These two features continued to affect trading to a similar degree through May and June 2018.\n \nTotal revenue increased by 0.6% (in reportable currency) during the Period compared with the prior year but declined by 4.5% on a like-for-like* basis. UK revenue declined by 0.5% compared with the prior year period whilst the like-for-like* performance showed a decline of 5.5%. On the Continent revenue increased by 6.8% and grew on a like-for-like* basis, improving by 1.8%.\n \nThrough a combination of infill strategic acquisitions and the implementation of management actions focused on a number of operational initiatives, the Company continues to consolidate its market leading position and maintain its focus on profitability. In addition to the acquisition of Dersimo BV previously announced in March 2018, the Company completed the acquisition of CECO (Flooring) Limited based in Northern Ireland and Ashmount Flooring Supplies Limited located in North London in March and July 2018 respectively**.\n \nSubject to no further downturn in market conditions and the Company experiencing the usual weighting of trading to the traditionally stronger second half of the year, the Board is currently confident of delivering expectations for 2018.\n \nInterim results analyst meeting\nA meeting for analysts will be held at 10am on the day of the announcement of the interim results, 22 August 2018, at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. For analysts wishing to attend, please contact Buchanan on the details below or email [email protected].\n \n \n*Like-for-like...