- Floor coverings distributor Headlam Group booked a 6.7% increase in annual profit after acquisitions helped boost revenue.

Pre-tax profit rose to £40.7m, up from £38.2m in 2016, as revenue increased 2% to £707.8m.

The company declared a full-year dividend of 24.8p, up 10% on 2016.

For 2018, it said full-year expectations were unchanged, despite weaker markets.

'We are pleased with our performance during 2017, having exhibited further growth against what was qualitatively viewed as an overall flat market, robustness in the face of a weaker second half of the year, and improved profitability as a consequence of our focus on efficiency initiatives,' chief executive Steve Wilson said.

'The acquisitions of Domus and Dersimo illustrate that we have ample opportunities to grow and broaden our overall leading position in the industry while continuing to invest in the business to support organic growth.'

At 2:52pm: [LON:HEAD] Headlam Group PLC share price was -50.25p at 478.75p

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