Headlam Group PLC AGM Statement/ directorate change (8379N)
May 21 2015 - 1:00AM
UK Regulatory
TIDMHEAD
RNS Number : 8379N
Headlam Group PLC
21 May 2015
21 May 2015
Headlam Group plc
("Headlam" or "the Group")
AGM Statement and Directorate Changes
Headlam Group plc (LSE: HEAD), Europe's leading floorcoverings
distributor, will hold its Annual General Meeting at 10.00 a.m.
this morning. Headlam's Chairman, Dick Peters, will make the
following statement:
"The current year has started well. The Group has continued to
deliver improvements in revenue with growth of 2.8% in the four
months to 30 April 2015 compared with the same period last year. In
the UK, the overall like-for-like increase in revenue was 4.5% with
the rise in commercial activity at 6.1% running ahead of
residential at 3.7%.
The Group's gross margin has remained healthy with a favourable
uptick compared with the first four months of 2014. This, combined
with the continued focus on overhead containment and, as a
consequence, an evident operational gearing effect, has contributed
to a rise in operating margin.
The Continental European businesses collectively showed a
further decline in revenues of 7.2% during the period when measured
in constant currency. The contraction in the Group's business in
France, which has had a particularly difficult first four months,
was the principal cause of the reduction.
In summary, the Group's overall trading activity has started
brightly and, if the trend continues across the rest of the year,
the Board is confident of achieving further progress compared with
2014 and meeting the Group's internal performance targets for
2015."
Directorate Changes
After serving for nine years, Mike O'Leary leaves the Board with
effect from 31 May 2015. The Board is grateful for the significant
contribution Mike has made to the business during that time.
Philip Lawrence is being appointed as a non-executive director
of the company. Philip joins the Headlam Board on 1 June 2015 at
which time he will also be appointed to the Nomination, Audit and
Remuneration Committees.
Philip is the Chief Executive of the Coal Authority, prior to
which he held significant roles with Marconi plc and Deloitte &
Touche having trained as an accountant after attaining a BSc in
Mathematics.
No information is required to be disclosed under paragraphs
9.6.13 of the Listing Rules.
Commenting on the Board changes, Headlam's Chairman, Dick
Peters, said: "We are delighted to welcome Philip to the Board as a
non-executive director and look forward to benefiting from his
extensive corporate knowledge and expertise. We are sorry to lose
the services of Mike O'Leary after nine years. He has made a
significant contribution to the business and we wish him well for
the future."
With effect from 1 June 2015, Andrew Eastgate will step down as
Chairman of the Audit Committee and take on the Chairmanship of the
Remuneration Committee and will also succeed Mike O'Leary as the
Senior Independent Director. Philip Lawrence will take on the role
as Chairman of the Audit Committee.
Enquiries:
Headlam Group plc
Tony Brewer, Group Chief Executive Tel: 01675 433000
Stephen Wilson, Group Finance Director
Buchanan Tel: 020 7466 5000
Mark Court / Helen Chan
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMAMMFTMBMTBTA
Headlam (LSE:HEAD)
Historical Stock Chart
From Apr 2024 to May 2024
Headlam (LSE:HEAD)
Historical Stock Chart
From May 2023 to May 2024