Headlam trading in line with board's FY expectations

Headlam Group said its May 2017 is performing to expectations, and that the company continued to trade in-line with directors' outlook for the full year.

The distributor of floorcoverings in Europe said total revenue for the first four months of the year to 30 April 2017 was £221.2m, up 2.2% on the year with growth in both the UK and Continental Europe.

"The UK accounted for 86.0% of total revenue in the four months (corresponding period 2016: 87.3%), and UK like-for-like revenue growth was 1.9%, an uplift on the strong comparable of 4.0% growth in the same period in the prior year," the company said.

"Both the residential and commercial sectors showed a positive performance, up 2.0% and 1.6% respectively," it added.

Continental Europe, which accounted for 14.0% of total revenue in the four months, showed like-for-like revenue growth of 3.0%.

"Very strong residential sector growth of 9.3% offset a decline of 3.5% within the commercial sector, with the performance of the Swiss business being the primary reason for the commercial sector decline," said Headlam.

In April 2017, the Company acquired the assets of Scotland-based McMillan Flooring Distributors Ltd.

At 15:12 BST, shares in Headlam were down 1.02% to 632p each.