James Halstead maintains momentum despite tough UK conditions

The AIM-traded firm, which was holding its annual general meeting, said its cash balances remained “robust”, although it did note that new rules on accelerated quarterly UK corporation tax payments, with six instalments in the financial year, would result in a one-off negative effect of around £4m.

Chairman Anthony Wild noted at the meeting that it was the 25th anniversary of the introduction of the ‘Expona’ brand to the business, explaining that since then the company had sold more than 65 million square metres of the luxury vinyl tile.

“The trading environment in the UK is challenging and across all markets large projects are keenly contested by all manufacturers,” Wild said.

“Nevertheless, trading is ahead of last year and I can report that amongst the projects we have supplied are installations as diverse as Pizza Pino on the Champs-Elysées in Paris, the RNZAF air base in Ohakea, New Zealand and the Thon Hotel in Gardermoen, Norway.”

Wild said the board had noted in its annual results in October that it had, in the first three months, seen “solid progress”, particularly in the UK.

“At this time, some five months into the trading year, we have continued to see modest growth in turnover and profit.”

At 1411 GMT, shares in James Halstead were up 0.62% at 507.15p.