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Galiform sales slowing
Thu, 28 Aug, 2008
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Galiform sales slowing
Wed, 23 Jul 2008, 08:15:00
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Joinery and kitchen group <b>Galiform</b> saw a solid underlying performance in the first six months of 2008, but sales slowed towards the end of the half and that trend has continued.<br /><br />Interim profits fell from £24.1m to £21.6m in the six months to 14 June on sales of £355m down from £429m. <br /><br />Those figures, though, reflected the final parts of its separation from MFI. Sales at the ongoing Howden Joinery depot business rose by 9.6% to £343m with like-for-like sales up by 4.3%.<br /><br />Galiform added however that strong sales growth achieved in the first 20 weeks of the year moderated to 4.5% in June. Sales in July fell to 3.3% and Galiform is cautious going forward. <br /><br />"We are not expecting the economic environment to improve in the short term and will continue to manage the business in light of prevailing conditions," it said.<br /><br />That more more cautious approach includes its expansion programme with only five depots to open in the second half, compared with 15 in the first and nearly 60 last year.<br /><br />There is no interim dividend, but Galiform says it intends to pay a final unless conditions really deteriorate.<br /><br /><br /><br /><br /><br /><br />
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