Heywood dives after price cuts
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.HEYWOOD Williams, the glass distributor exposed to domestic housing and commercial building, yesterday reported sharply reduced half-year profits and said it foresaw no end to recession, writes Robert Cole.
Interim taxable profits were 37 per cent down at pounds 5.1m as Heywood was forced to slash prices. Overall sales rose 20 per cent to pounds 190m for the six months to 30 June, but profit margins in British operations, which account for 85 per cent of business, more than halved.
Ralph Hinchliffe, chairman, said: 'It is difficult to forecast when the recession will end or when we will start to experience an increase in demand for our products.'
The poor performance was heralded by a warning given at the end of June. Heywood has stood by its promise, made in June, to maintain its 4.5p half-year dividend, but Mr Hinchliffe was less sure about the fate of the final payout.
Heywood had to dip into reserves to pay the interim dividend. But Mr Hinchliffe said: 'Unless we see a significant change I do not think we will be able to pay a greatly uncovered final dividend.'
Heywood's business is 60 per cent exposed to renovations, maintenance or improvements, which are heavily dependent on consumer spending.
The rest is split between supplying the motor industry and new building work. All sectors have been hit hard by recession. Earnings per share were 3.4p compared with 7.7p last time.
Heywood shares fell 1p to 177p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments