- Floorcovering distributor Headlam said Wednesday it expected full-year performance toward the lower end of market expectations after first-half profit fell, owing to 'softness' in the UK market.

'The board now expects that the full year outcome, whilst ahead of the full year 2017 will be towards the lower end of current market expectations,' the company said.

For the six months to the 30 June, statuary profit before tax fell 2% to £16.42m, total revenue increased by 1% to £337.5m.

The UK, which accounts for 89.4% of total revenue, reported like-for-like revenue growth fell 5.2%, from a year earlier, weighed by poor performance from both the residential and commercial sectors.

The interim dividend was unchanged at 7.55p.

'Softness in the UK market continues to persist and indications are that this situation will likely remain through the second half of the financial year with the attendant impact on the core residential business,' the company said.

At 9:15am: [LON:HEAD] Headlam Group PLC share price was -20p at 429.5p

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