Sterling slump post Brexit to help James Halstead full year

Commercial flooring maker and distributor James Halstead said the slump in the pound since the UK's vote to leave the European Union would help produce full year profits in line with expectations and “at the highest level in the company's history”.

“During the majority of the year sterling traded at a higher level than the prior year presenting challenges to our overseas turnover, which is in excess of 60% of total turnover,” the company said in a pre-close trading statement.

“Just before the year end, late in June this reversed drastically, which bodes well for the new financial year."

It added that trading through to 30 June 2016 had been “solid”.