22 January
2025
Headlam Group
plc
('Headlam' or the 'Group')
Pre-Close Trading
Update
Headlam (LSE: HEAD), the leading
floorcoverings distributor, today provides a pre-close
update in
respect of the year ended 31 December 2024.
Further to our trading update
published on 5th December 2024, the Group's revenue for
the full year declined 9.7% to £593 million. Good growth in revenue
from the strategic growth areas of Larger Customers and Trade
Counters was offset by the impact of the weak market conditions on
the Regional Distribution business. Group revenue in H2 2024
declined by 7.4% compared to an 11.8% decline in H1 2024. The Group
expects the underlying loss before tax for the year to be circa £34
million, subject to audit.
On 20th December 2024,
the Group announced a significant milestone against its
transformation plan, disposing of property for cash proceeds of
£54m, a 14% premium to its last market valuation. The Group ended
the year with net cash1 of £11 million and a property
portfolio valued2 at £95 million.
The Group's
full year results, as well as an update on the progress made during
the year on the transformation plan, will be announced in March
2025.
Footnotes
1. On a pre-IFRS 16
basis, i.e. before capitalised leases
2. As at
the market valuation undertaken in January 2023
Enquiries
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Headlam Group plc
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Tel: 01675 433 000
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Chris Payne, Chief
Executive
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Email: headlamgroup@headlam.com
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Adam Phillips, Chief Financial
Officer
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Panmure Liberum Limited (Corporate
Broker)
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Tel: 020 3100 2000
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Tom Scrivens / Atholl
Tweedie
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Peel
Hunt LLP (Corporate Broker)
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Tel: 020 7418 8900
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George Sellar / Finn
Nugent
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Houston (Financial PR)
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Tel:
020 4529 0549
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Kate Hoare / Kelsey Traynor / Polly
Clarke
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Notes to Editors
Operating for over 30 years, Headlam
is the UK's leading floorcoverings distributor. The Group works
with suppliers across the globe manufacturing the broadest range of
products, and gives them a highly effective route to market,
selling their products into the large and diverse trade customer
base. The Group has an extensive customer base spanning independent
and multiple retailers, small and large contractors, and
housebuilders. It provides its customers with a market leading
service through the largest product range, in-depth knowledge,
ecommerce and marketing support, and nationwide next day delivery
service. To maximise customer reach and sales opportunity, Headlam
operates businesses, trade brands and product brands across the UK
and Continental Europe (France and the Netherlands), which are
supported by the group's network, central resources and
processes.