Floorcoverings distributor Headlam Group Plc (HEAD.L), in an interim management statement, said it continued to make further progress during the four months to 30 April 2012, increasing its revenue by 5.0%.
Headlam stated that gross margin has declined during the period, due to increasing competition in the UK. It anticipate the softening to continue during May and June resulting in a gross margin for the first six months down on last year by about 50 basis points.
The company said its businesses in the UK continue to grow market share, with absolute revenue increasing by 7.5% and underlying like-for-like performance improving by 4.9%.
Revenues from Continental European businesses, measured in constant currency, declined 3.9%. On translation, this reduction increased to 6.4% due to rising strength of sterling, compared with euro and Swiss franc, the company added.
Tony Brewer, chief executive of the company said, "The trading trend highlighted in March 2012, in conjunction with the release of the 2011 full year results, has been maintained with the UK continuing to make progress on last year. Whilst markets remain challenging and increasingly competitive, at this stage of the year, we remain confident that our businesses will continue to outperform the market."
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