25 May 2012

James Halstead lays foundations

30/01/2012 Miles Nolan

Manchester based floor coverings giant James Halstead (JHD) has issued a positive trading update just prior to entering its close period.

Following an upbeat statement at its AGM last month, the AIM listed company has continued to deliver good results with sales in the six months to December some 10 per cent ahead of the comparative period. Despite challenging market conditions Halstead has secured new business, driven by an impressive product offering.

It is also doing well overseas, with further growth in overseas sales. Halstead has enjoyed ongoing reductions in raw materials and, in addition it continues to generate cash at a prodigious rate even after paying out dividends and undertaking a share buy-back exercise.

Brokers predict 2012 pre-tax profits of £40.3 million and EPS of 27.7p. The shares have jumped 10 per cent to 483p this morning, on the news. We last placed a hold recommendation on Halstead at 445p, and at current levels we continue to rate this hugely successful business as such.

Tags: AIM market, Cash generative, Good track record, Overseas growth, Solid growth

Sector: Construction & Materials

Companies: James Halstead

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