Heywood Williams faces tough conditions
Published Date:
28 August 2008
BUILDING products firm Heywood Williams suffered a drop in pre-tax profits as its performance was affected by the credit crunch.
Huddersfield-based Heywood Williams reported turnover in the first half year of £116.3m, compared to £126.7m in the same period last year.
Profit before tax was £1.9m, down from £4.5m recorded in the first half of 2007.
Robert Barr, the chief executive, said: "Heywood Williams faced very tough trading conditions in the first half of 2008 due solely to the unprecedented impact of the credit crunch on the residential new build and home improvement markets in North America, the UK and Europe.
"In these difficult trading conditions, the group remains focused on maximising cash generation by optimising working capital, especially stock levels, and continuing to aggressively drive specific initiatives to increase market shares, maintain margins and reduce costs.
"The board believes that the group will continue to face very difficult market conditions. The group is trading in line with current market expectations."
The full article contains 172 words and appears in n/a newspaper.
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Last Updated:
28 August 2008 9:10 AM
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Source:
n/a
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Location:
Yorkshire
