LONDON (ShareCast) - (Sharecast News) - James Halstead reported a resilient first half on Thursday, posting higher profits and a record interim dividend despite a year-on-year decline in revenue.
The AIM-traded firm said that for the six months ended 31 December, revenue fell to £130.1m from £136.5m, reflecting softer trading conditions.

However, operating profit rose to £27.1m from £26.2m, while pre-tax profit increased to £28.5m from £27.4m.

Basic earnings per share grew to 5p from 4.8p.

The board declared an interim dividend of 2.75p per share, up from 2.5p last year, marking the highest interim payout in the company's history.

Cash balances remained strong at £63.7m, compared with £62.4m a year earlier.

Operationally, the company said it completed previously announced capital investment programmes at its Teesside and Radcliffe sites, aimed at enhancing production capabilities.

It also strengthened its presence in South America by participating in key trade exhibitions.

Additionally, the firm said its Recofloor recycling initiative received a Gold Award at the Green Apple Environment Awards, recognising its environmental achievements.

"Against the backdrop of difficult markets, we are pleased to have raised profits underpinned by improved margins and reductions in overheads," said executive chairman Mark Halstead.

"We remain confident of the group's medium-term prospects, despite short-term confidence weakness in Europe, and anticipate another year of progress."

At 1112 GMT, shares in James Halsteads were up 1.18% at 149.24p.

Reporting by Josh White for Sharecast.com.

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