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(Sharecast News) - James Halstead said on Wednesday that full-year sales were expected to be marginally below the prior year, while profit was forecast to fall by around 10% to 15% as weaker demand for luxury vinyl tile and higher input costs weighed on performance.
The AIM-traded flooring manufacturer absorbed part of the supplier surcharges triggered by the Iran conflict to protect customers and support volumes, while maintaining an ungeared balance sheet.
UK sales increased modestly, helped by strong trading in June, while revenue in the Middle East rose 54% and South Africa grew 25%.
Trading in Europe remained subdued, particularly in France and the Netherlands, although the company said its medium-term prospects remained solid and expects to publish full-year results towards the end of September.
At 1433 BST, shares in James Halstead were down 4.44% at 120.4p.
Reporting by Josh White for Sharecast.com.
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