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Headlam Says Net Income Climbs 12% as Sales in U.K. Recover

March 11 (Bloomberg) -- Headlam Group Plc, a U.K. distributor of carpets and tiles, said today profit climbed 12 percent last year as U.K. sales recovered.

Net income rose to 17.9 million pounds ($28.7 million) in 2010, from 15.9 million pounds, the Birmingham, England based company said in a Regulatory News Service statement today. Sales rose 0.4 percent to 535.7 million pounds in the same period from 533.8 million pounds the previous year. Earnings per share rose 12.6 percent to 21.5 pence.

“We have made a positive start to 2011,” said Chairman Graham Waldron in today’s statement. “It does give a good indication to future trading assuming normal seasonality.”

Sales in the U.K., which represent 81 percent of group revenue, climbed 0.4 percent on a like-for-like basis, while sales in continental Europe fell 0.7 percent on a comparable basis for the period.

Headlam, which was unchanged yesterday at 300 pence, has declined 4.3 percent this year, valuing the company at 249.4 million pounds.

The company said in January that results for the year are “likely to be marginally ahead of market expectations.”

Headlam said it is increasing its final dividend by 17 percent to 8.57 pence per share, giving a 13 percent increase in the full-year dividend to 12.4 pence.

To contact the reporters on this story: Finbarr Flynn in Dublin at fflynn3@bloomberg.net;

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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