Cavalio and Polyflor parent James Halstead is to return £11m to shareholders after 'robust trading' in recent weeks.

The group is opting to buy back shares rather than its previous policy of special dividends, which saw it return £7.8m to shareholders in January 2010.

Since it announced record profits of £35.8m for the year to 30 June on 3 October, 'the company has continued to trade robustly, and in line with the board's expectations'.

Shareholders do not have to accept the offer, but if they do and pricing conditions are met, it will reduce the number of shares by 2.5%.

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