James Halstead PLC

Latest Results (30.05.2026):

James Halstead PLC — results for the year ended 30 June 2025 (FY25, reported for the year ending Q4 2025). The Group delivered a solid full‑year performance with revenue of £262.0m (down 4.7% from £274.9m), profit before tax of £55.1m (down 1.9%) and profit after tax of £40.6m. Earnings per share were 9.70p (2024: 10.00p). Management proposed a final dividend of 6.05p (total 8.80p for FY25), marking the 49th consecutive year of an increase. Cash remains strong at £68.4m and gross margin improved to 44.5% as the Board signals cautious optimism for FY26 despite regional headwinds in parts of Europe and APAC.

Key financials

Revenue: £262.0m (FY24: £274.9m, -4.7%). Profit before tax: £55.1m (FY24: £56.2m, -1.9%). Profit after tax: £40.6m (FY24: £41.5m). Basic EPS: 9.70p (FY24: 10.00p). Gross margin improved to 44.5% (FY24: 44.1%).

Dividends & shareholder returns

Final dividend proposed 6.05p, giving a total FY25 dividend of 8.80p (FY24: 8.50p), an increase of 3.5% and the 49th consecutive annual rise. Interim 2.75p was paid in June 2025; final dividend payable 12 December 2025 (subject to approval).

Cash, balance sheet & cash flow

Cash and cash equivalents at £68.4m (FY24: £74.3m). Inventories £80.4m. Net assets £182.0m. Cash conversion noted in the Chairman’s comment at 1.23; taxation paid £14.3m and equity dividends paid £36.5m in the year. Overall balance sheet remains strong with limited financial debt.

Investment & margins

Capital expenditure £3.9m (FY24: £3.3m) invested in process and product upgrades (including ESD ranges and Teesside mixing/curing improvements). Gross margin benefit from product mix and manufacturing efficiencies offset lower volumes.

Regional performance

UK and North America showed resilience and growth (Canada revenue +7.4% in local currency). Malaysia (South Asia) grew strongly (local currency +38%). Headwinds persisted in Central Europe, Australia and New Zealand, weighing on group revenue.

Outlook & near‑term risks

Board expects further progress in FY26 but flags short‑term pressure from constrained repair/renewal budgets in parts of Europe and higher employment costs in public sectors. Management plans cautious cost control and conservative customer credit policies while pursuing growth in North America and Malaysia.