RADCLIFFE-based James Halstead Group has reported a buoyant financial performance for the half year ended December 31.

And delighted company bosses have not ruled out the possibility of further expansion, given the fact that they acquired two foreign companies last year.

Turnover has increased from £35.6 million to £38,282 million while pre-tax profits have risen 5.1 per cent from £4.42 million to £4.65 million.

Dividend per ordinary share is now 3.875p, compared to the previous figure of 3.75p, and earnings per ordinary share stand at 10.31p, up from 9.92p.

Commenting on the pre-tax profits increase, group chairman Mr Vincent Clare says: "This is a sold performance in the face of sterling's continued strength and challenging market conditions."

He added: "Turnover for the six months to December 31 is 7.4 per cent ahead of last year, with most of the increase coming from our floorcovering businesses, assisted by two acquisitions."

These occurred within the last six months and involved companies based in New Zealand and Germany.

The chairman went on: "Cash in hand at £9.2 million is only £1.1 million lower than at the year end, despite significant expenditure on acquisitions.

"With our strong cash position, we remain able to take advantage of opportunities for further expansion."

Exports from James Halstead Ltd, primarily the floorcoverings division, have grown nearly 14 per cent, predominantly in Germany and Australasia.

Looking to the future, Mr Clare continued: "The recent acquisitions and the strength of our flooring brands give us confidence that the group will continue to perform well, given a reasonable trading environment.

"The group continues to focus on expanding its flooring base, both by acquisitions and by organic growth in key niche markets."

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