"Strong, sustained recovery" beyond 2019 levels
September 2, 2021
UK-based Headlam Group, Europe's largest flooring distributor, has reported a "strong and sustained recovery" following the pandemic, with residential business 5% ahead of 2019. Sales in June this year were 23% ahead of June 2019.
The Group also announced a further major push in its trade counter expansion from today's £80m sales to an expected £200m by 2025 - increasing its locations from 54 to 90.
Price increases of up to 14% due to supply chain issues had to passed on to customers said Headlam but these had been "easily absorbed" in the marketplace.
In its interim results announced today for the six months ended 30 June 2021, total sales were £329.9 million, similar to H1 2019 (£335.0 million), and 45.2% ahead of H1 2020 (£227.2 million).
The report commented: "The residential sector showed strength throughout, with the weak commercial sector curtailing overall performance to H1 2019 levels. Residential sector revenue [for H1 2021] was up 4.7% and commercial sector revenue down 12.8% against H1 2019. The residential sector was notably strong in June 2021 being up 22.5% against June 2019."
Commenting on supply chain and price issues, the plc said; "As a consequence of the industry supply issues, including upstream raw material shortages, supplier price increases were a particular feature in the second-quarter of the Period [H1 2021], with price increases across product categories ranging from 3% to 14% in the Period.
"However, as is typical of the industry, these price increases are passed directly into the marketplace, with them being easily absorbed as demand for floorcoverings tends to be inelastic to price increases due to the relative infrequency of purchase by the end-consumer and proliferation of product at all price points."
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