British flooring specialist Headlam has had a challenging six months as it says people are spending less on home improvement projects, driving a slump in its revenue.
The London-listed company’s revenue was down just under 12 per cent year on year in the six months ending June 2024, driven by a decrease of 11 per cent in UK sales and almost 16 per cent in the rest of Europe.
Headlam said this reflected the “”ongoing weakness in the floor coverings market” throughout the first half of this year, driven by continued decline in consumer spending on home improvements.
As a result the Birmingham-headquartered company saw its pre-tax loss hit £16m during the six month period.
Despite the challenging market conditions Headlam said that it had seen progress with its strategic growth initiatives, with revenue from trade counters growing to more than £100m for the year so far.
Headlam chief executive Chris Payne said: “While current market conditions remain challenging, we are pleased…
