Flooring distributor Headlam has seen underlying profits increase in the first half of the year, despite a drop in UK residential sales.
The group says residential sales dropped by 5% while commercial sales rose by 4.9%, resulting in a UK sales drop of 2.9%. Sales in France and The Netherlands rose by 5.1%. Total sales were £6.1m lower at £328.8m. Despite this the group says it has increased its UK market share.
Price increases helped offset higher operating costs, with underlying pre-tax profits up £600,000 at £17.3m.
‘We are pleased with our performance thus far in 2022, particularly given the economic backdrop. Profitability has been improved, market share gains made, and our strategy is proving to provide a countermeasure and protection against a weaker underlying market. We believe we are set fair especially for when headwinds ease,’ says Chris Payne, Headlam chief executive.
