Headlam (GB:HEAD) has released an update.
Headlam Group PLC, the leading UK floorcoverings distributor, reported a revenue decrease to £292.5m for the first half of 2024 but is initiating a two-year transformation plan aimed at improving profitability and market share, expecting at least £15 million in annual profit improvements and £70 million in one-off cash benefits. Despite current market challenges and a reported underlying loss before tax of £16.4m, the company sees a long-term positive outlook with strategic efforts to consolidate operations, optimize working capital, and invest in customer propositions. The transformation plan is set to start showing benefits in 2025, with ambitions for significant revenue growth in the long term.
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