Shares of Headlam Group plc (HEAD.L) were losing around 13 percent in the early morning trading in London after the floorcoverings distributor on Tuesday reported that its fiscal 2023 profit before tax fell 83 percent to 7.1 million pounds from last year's 41.8 million pounds.
Basic earnings per share were 9.6 pence, down 76.1 percent from 40.1 pence last year.
Underlying profit before tax was 11.0 million pounds, compared to prior year's 37.1 million pounds. Underlying basic earnings per share were 11.0 pence, compared to 35.5 pence a year ago.
Revenue dropped 1.1 percent to 656.5 million pounds from last year's 663.6 million pounds.
Further, the company said its Board proposed final ordinary dividend of 6.0 pence, taking the full year dividend to 10.0 pence, down 42.5 percent from last year's 17.4 pence.
Regarding the current trading, the company said that the market weakness observed at the end of 2023 has continued into the first few weeks of 2024. Group revenue in February 2024 was 6 percent lower than 2023, albeit ahead of January 2024.
There were negative volumes across UK and Continental European businesses, despite continued growth in Larger Customers and Trade Counters.
In London, Headlam Group shares were trading at 179.37 pence, down 12.50 percent.
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