Headlam Group Plc. [HEAD.L], on Wednesday reported a lower revenue from continuing operations in the four months to April 30, and the UK floor coverings distributor continued to post underlying operating losses.
On the LSE, shares of Headlam were losing 12.22 percent, changing hands at 31.60 pence.
The Group's revenue from continuing operations was 21 percent lower Year on Year.
The company attributed the decline partly to a planned reduction in certain sales activity as it refocuses on independent retailers and flooring contractors, alongside difficult end market conditions.
Headlam said it recently sold one of three surplus properties and expects to complete sales of the remaining two imminently.
A new management team, in place for eight weeks, has implemented operational improvements, Headlam said.
The company put through a price increase in May and targeted surcharges to pass on higher raw material costs.
Two new Non-Executive Directors Nick Kelsall and Wilf Walsh joined the Board at the AGM on Wednesday.
The Board recommended shareholders reject resolutions in a requisition notice to be voted on 2 June.
Chief Executive Rob Barclay said there was "a pathway to return to profitability during 2027. To deliver this we need to act with speed and decisiveness"
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