StockMarketWire.com - Floor coverings manufacturer Airea slashed its dividend after first-half profits fell year-on-year as high levels of economic uncertainty weighed on performance.

The operating profit was fell to £1,085,000 from £1,481,000 as revenue fell to £8.9m from £9.1m.

Despite strong growth in the order book and increased sales internationally, revenue and operating profit are below the corresponding period driven by the uncertainty in the market and the economic environment.

This affected the timing of customer call offs within the order book and the Group's decision to increase inventory to prepare for potential Brexit challenges, had the UK left the EU on 31 March 2019, had a significant financial impact on operating profit and cash flow, the company said.

The company declared an interim dividend of 0.8p, down from 1.75p last year.




At 8:26am: [LON:AIEA] AIREA PLC share price was -10p at 41p



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