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Headlam takes over Domus

StockMarketWire.com

Headlam Group has taken over Domus, the UK's leading specification consultant and supplier of hard surfaces for premium construction and refurbishment projects, for a total maximum consideration of £35.4m. Domus's core product offering is premium ceramic tiles and engineered flooring, encompassing engineered wood, luxury vinyl tiles ('LVT') and laminate, for application into the residential and commercial project markets.

The products are sourced primarily from manufacturers located in Italy, with long-term supply arrangements covering the majority of product lines.

Headlam said Domus would continue to be operated under its existing brand by the incumbent management team as a distinct business unit of the company.

Separately, Headlam said it continued to expect pre-tax profits for the financial year ending 31 Dec to be in-line with consensus market expectations.

Trading for the ten month period was positive with total revenue growth of 2.7% against the comparable period in the prior year (1.7% in constant currency), and UK and Continental Europe delivering like-for-like revenue* growth of 0.7% and 4.5% respectively.

While the first half of 2017 delivered total revenue growth of 4.0%, the first four months of the second half was characterised by weaker markets as evidenced by modest revenue growth of 1.5% (0.6% in constant currency). In this four-month period, UK like-for-like revenue* decreased 1.1%, with the commercial sector declining by 2.6% and the residential sector marginally down by 0.4%. Continental Europe, however, saw more robust growth with like-for-like revenue* growth of 6.6%, and the residential sector increasing by 11.3%.

Initial indications are that trading in November 2017 in the UK showed a marginally improved performance compared with the first four months of the second half.

Chief executive Steve Wilson said: 'We are pleased with our performance despite the weaker backdrop.

'Our performance underlines our comparative robustness due to our market position, scale and ongoing efficiency initiatives.

'While weaker markets could continue to subdue overall revenue growth, we believe we can continue to enhance our margins and deliver higher levels of profitability going forward.'



Story provided by StockMarketWire.com