UK Flooring Distributor Headlam Sees Profit Fall

Birmingham, England, March 30, 2009--Floorcoverings distributor Headlam Group Plc posted an 11 percent fall in its 2008 pretax profit, and said while the sales environment continued to be challenging, its first-quarter performance was in line with its expectations.

"Assuming no further significant deterioration in market conditions, the group believes it is structured to achieve its operating objectives for the year," Chief Executive Tony Brewer said in a statement.

For the year ended Dec. 31, 2008, the company's pretax profit fell to $57.4 million from $66 million a year ago as distribution expenses rose.

Revenue rose 2.3 percent to $793 million.