Polyflor owner warns on half-year profits

Polyflor’s parent company says full-year expectations are positive despite warning of lower interim profits.

James Halstead has told shareholders that it expects sales to be 8%-9% higher in the six months to 31 December, but profits will not match that of the 2021 period.

‘Over the six months, trading of UK manufactured goods has been adversely affected by the lack of availability of international shipping to several overseas territories most notably Australia, North and South America. However, in December the company saw signs of reduced international freight costs and raw material costs. Energy costs remain at historically high levels but have not escalated, nor have our key European raw material suppliers faced production interruption as a result of the energy shortage. 

‘The company has also been able to significantly reduce stock levels since the end of the last financial year. This has had a positive effect on our balance sheet strength which continues to underpin our business. 

‘As a consequence of the challenges highlighted above, profit before tax for the half year will be short of the comparative period but not significantly so. However, the board’s expectations for the full year remain positive and unchanged.’

Polyflor23

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