Havelock says 2012 results are on target

Havelock Europa, a retail and educational interiors group, said Tuesday that it expects its full year results for the 12 months ended December 31st to be in line with expectations, following a traditionally stronger second half.

Havelock Europa, a retail and educational interiors group, said Tuesday that it expects its full year results for the 12 months ended December 31st to be in line with expectations, following a traditionally stronger second half.

Divisionally, activity levels in Interiors demonstrated an improvement on the prior year with good levels of activity in the autumn in what remained a difficult market for the whole of 2012.

The Educational Supply businesses also saw strengthened activity levels, with the benefit of framework agreements which have generated additional revenue particularly for Stage Systems.

In a statement the company said: "The economic outlook for the UK remains challenging particularly for the retail sector; however against this background the strength of the group's opening order book for 2013 is encouraging.

"Discussions with retail customers about activity levels are positive and the business continues to develop relationships with new customers while international activity is progressing on the back of business secured from existing customer relationships.

"Encouragingly, new projects in the educational sector under regional or local schemes continue to come to market. In addition, discussions on further framework agreements are in progress."

The group added that control of working capital will remain a key focus, and said that this, combined with the sale of Showcard Print and Clean Air during 2012, resulted in a "significant" reduction in net debt during the year.

It added: "The sale of these non-core parts of the group has the additional benefit of allowing greater focus by management on development of the core Interiors business."

The share price climbed 1.5% to 16.88p by 13:30.

NR

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
It's not just the UK – we're seeing pandemic housing booms across the globe
Property

It's not just the UK – we're seeing pandemic housing booms across the globe

Soaring house prices aren’t just a UK thing, they’re a worldwide phenomenon. And it’s no coincidence – the underlying cause is much the same. John Ste…
18 Jan 2021