James Halstead PLC

Latest Results (07.03.2026):

James Halstead PLC — results for the year ended 30 June 2025 (Q4 FY2025). The Group reported a solid full‑year performance: revenue of £262.0m (down 4.7% y/y), profit before tax £55.1m (down 1.9% y/y) and profit after tax £40.6m. Earnings per share were 9.70p (2024: 10.00p). The Board proposes a final dividend of 6.05p, giving a total dividend of 8.80p for the year and marking the 49th consecutive annual increase.

Key financials

Revenue £261.97m (2024: £274.88m); profit before tax £55.14m (2024: £56.22m); profit after tax £40.61m (2024: £41.52m); basic EPS 9.7p (2024: 10.0p). Gross margin improved to 44.5% (2024: 44.1%).

Dividend

Final dividend proposed 6.05p (2024: 6.00p); total dividend 8.80p (2024: 8.50p), an increase of 3.5% and the 49th consecutive year of increases. Final dividend payable 12 December 2025 (subject to shareholder approval).

Cash, balance sheet and working capital

Cash and cash equivalents £68.4m (2024: £74.3m). Inventories £80.4m and trade receivables £45.2m. Net assets £182.0m approximately (2025: £181.999m). Cash conversion noted as strong (chairman cited 1.23).

Capital expenditure and cash flow

Capital investment £3.9m (2024: £3.3m) focused on efficiency and product upgrades. Cash inflow from operations £50.0m; after tax, capex and dividends cash outflows reduced cash by c. £5.6m year on year.

Operational and regional performance

Solid UK performance, good growth in North America and strong momentum in Malaysia. Headwinds in Central Europe, Australia and New Zealand depressed volumes. Key project wins included Colchester Hospital (award), Stade Toulousain, Deichmann stores, Real Madrid World (Dubai) and other institutional projects.

Margins and cost control

Gross margin uplift to 44.5% was driven by manufacturing efficiencies and a favorable product mix (notably specialist SD/EC ranges). Selling & distribution costs fell to £48.8m (2024: £52.9m) reflecting lower volumes and tighter discretionary spend; admin costs rose modestly to £14.9m.

Sustainability and strategic investment

Continued focus on sustainability (20th sustainability report), recycling initiatives and training (Objectflor campus). Targeted factory upgrades at Radcliffe and Teesside to improve ESD product ranges, curing/fume extraction and mixing equipment.

Outlook

The Board expects further progress in FY26 but remains cautious short term: continued growth expected in North America and Malaysia; Europe likely to see constrained repair/roll‑out budgets. Management will maintain tight cost control and conservative credit management.