Headlam confirms first half loss

Headlam has confirmed that it will see an underlying loss of about £16m for the first half of the year.

The loss is in line with what it warned shareholders of in May.

UK sales will be down 11.3% and in the six months to the end of June and by 15.9% in Continental Europe.

‘The strategic growth initiatives have continued to perform well, with revenue from larger customers and trade counters continuing to grow, with the latter now exceeding £100m on a rolling 12-month basis,’ says Chris Payne, Headlam chief executive.

‘While current market conditions remain challenging, we are pleased with the early progress we have made on accelerating our simplification and integration of the business together with the development of exciting improvements to our customer offer and service. We remain confident that our strategy, and the changes we are making, will strengthen Headlam over the medium term, ensuring that we are well placed to take the opportunity when the market recovers.’

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