Rising Euro Gives Boost To Halstead Carpet

Radcliffe, England, March 31, 2008--Flooring manufacturer James Halstead said it posted record half-year sales and profits despite rising costs.

The company said sales rose by 14.8 percent while profits soared 16.2 percent to $26 million.

Halstead said it had been helped by the weakening value of Sterling against the Euro.

Chairman Geoffrey Halstead said the business was in good shape for the full year: "These interim figures, once again, show a record performance with our UK and international sales driving forward to more than offset the increases in raw material and energy costs.

"In addition, cash flows from operations continue to strengthen the balance sheet and we move towards the full year very positively."

Europe is the company's largest export market and the 14 per cent appreciation in the euro has been a major factor in the profits picture, but rising costs remain a significant concern.