A strong performance in the residential sector means flooring distributor Headlam expects profits to beat expectations.
The group says ‘revenue for the year to date is tracking broadly in line with current market expectations [of £684.8m] which were significantly upgraded in July 2021. A robust performance in the residential sector has helped to offset a persisting subdued commercial sector, with other features of the market being the ongoing industry wide supply issues, and associated inflationary pressures, all of which the company has been largely able to mitigate.
‘Profit performance has been pleasing and reflects the previous and ongoing actions to improve operating efficiency and margin. As a consequence, the company expects to deliver underlying profit before tax for the year ending 31 December 2021 marginally ahead of current market expectations [of £35m].
