Manufacturer and international distributor of commercial flooring, James Halstead plc, has reported a decline in full year sales.

According to its results for the year ended 30 June 2024, total sales were down 9.4% to £274.9m from £303.6m in 2023.

Pre-tax profit resulted at £56.2m, up 7.9% from £52.1m compared to the previous year.

James Halstead said that gross margin improved in all major markets, up overall by 6% to 44%, adding that it had secured significant new business in UAE, Colombia, Iceland, Italy, Mexico, Poland, Greece and South Africa.

The group also continued to invest in its operations, including £350,000 to update new drive system for press and registration control systems at Riverside, a full upgrade to modern LED lighting at the cost of £200,000 at Royton, and undertaking preparatory work for a £400,000 investment in solar panels at Radcliffe.

Mark Halstead, Chief Executive, commenting on the results, said: “FY24 has been a largely positive year against the challenging economic backdrop with frustrations and further disruption to global trade routes. Our proposed dividend continues our unbroken chain of dividend payment increases from 1974.

“We have continued to invest in process improvement as well as product development to improve output efficiency and our product offering. This has been substantial and I am pleased to say has already led to improved productivity and margin improvement.

“During the year we have secured many prestigious projects around the world, demonstrating the continued demand for our high quality offering on a global scale. We look ahead to FY25 in good stead and after delivering another year of profits growth.”