Manufacturer and distributor of commercial floor coverings, James Halstead, announced that its pretax profit for fiscal 2023 saw a slight increase despite inflationary pressure on costs. The company also reported a growth in revenue and a raised dividend payout.
Profit and Revenue Growth
For the year ending June 30, the company’s pretax profit reached £52.099 million ($63.6 million), a slight rise from the £52.063 million reported the previous year. Furthermore, revenue experienced a 4% increase, reaching £303.6 million.
Positive Market Demand
James Halstead attributed its positive financial results to strong demand in several key markets. The company expressed satisfaction with both profit levels and earnings per share, which reached record highs.
Increased Dividend Payout
In line with its performance, the board proposed an increased final dividend payout of 5.75 pence per share, up from 5.50 pence in the previous year.
Confidence in Future Prospects
Looking ahead, James Halstead expressed confidence in its prospects for the current fiscal year. Overseas turnover is expected to account for 60% to 65% of total turnover, with continued growth anticipated. The company cited factors such as improved global shipping availability, a strong balance sheet, and a proven business model as supporting its positive outlook.