Flooring group James Halstead is on course for a record half year, with profits growing quicker than sales.

At his final AGM as executive chairman at the Polyflor and Cavalio parent, Geoffrey Halstead will tell shareholders: 'In the UK the general economic climate continues to be fragile and spending patterns of end users appear cautious but I can report that for the five months of this current year our sales in this country are about 4% ahead of last year.

'In addition, the greater part of our business trades globally and overseas we continue to achieve record sales. Turnover for the first half of our financial year can be expected to be at record levels.

'In addition, we have seen some respite from the constant upward trend in raw material prices and a degree of amelioration in availability and I can be confident of profits growth and another record half year. Indeed the combination of raw material prices and exchange rates suggests profits will grow faster than the rate of sales if the situation continues.

'The uncertainties of government spending in parts of Europe and the UK, the ongoing debt crises and the questions over the Euro lead us to remain vigilant. Notwithstanding this, as I look around our businesses we are in robust health and should continue to progress.

'I joined the board of this company at the AGM in 1962, at a time when our annual turnover was below the level of what today is sold in a week and it is time for me to take a step back. I have acted as executive chairman for the last decade and will continue on the board but as non-executive chairman.'

• < Prev
• Next >