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James Halstead announces record breaking results

Manufacturing giant James Halstead plc has lifted its final dividend by 12.2% to 11 pence per share .

The firm reported record figures for turnover, profit, and shareholder returns, in a celebratory results announcement, which was entitled, “Another series of records”.

James Halstead produces commercial flooring internationally and is based in Manchester.

The company has won two Queen’s Awards for Enterprise Innovation in 2007 and Enterprise International Trade last year.

Success in the business was partly put down to building contracts from the Olympic Games, and the company expects continued business from these venues as they are converted for other uses.

Revenues for the last 12 months increased by 5.8%, while operating profits rose 10.2% and earnings per ordinary share improved by 11.7% to 29.5 pence

Cash inflow from operations was strong at £37.3m, up from £32.9m, in the past year ending 30th June.

The chairman’s statement from Geoffrey Halstead said that profits before tax had also be raised by 11% to £42.7m, compared with £38.5m last year.

The manufacturer announced that a small part of the James Halstead Group, Phoenix Distribution, which sold motorbike accessories, will be closed.

Geoffrey Halstead said that by raising the amount each shareholder would receive, the firm hopes to “increase the marketability” of its shares, after it employed a similar strategy in 2005 and 1992.

He continued: “On behalf of the Directors I would like to give thanks to our staff and customers for their contribution to these record results.”

Chief executive Mark Halstead said: “In a year when London was host to many new records I am pleased to report, yet again, record turnover and record profit; and I shall never tire of saying record dividends.”

This was posted in Bdaily's Members' News section by Miranda Dobson .