Halstead(James) Group PLC
3 December 1999
JAMES HALSTEAD GROUP PLC
AGM STATEMENT BY THE CHAIRMAN, MR VINCENT CLARE
We are now 5 months into the current financial year and I am very pleased to
report that we are trading ahead of last year in terms of sales and
profitability. Looking at the different parts of the Group I am encouraged to
say that these improvements apply to our flooring interests, Conway
Products and Phoenix Distribution.
The most challenging aspect of the current situation is that raw material
prices have worsened. This, combined with a weak Euro, has adversely affected
margins principally on our trading with Europe. Against this we have the
contribution from our New Zealand company Halstead Flooring Concepts, and very
encouraging results from our German company Objectflor, itself having
benefited from our German acquisition of Karndean.
So far as the outlook is concerned, and subject only to my comments on raw
material prices and the weakness of the Euro, I remain encouraged that the
Group will have another year of steady progress.