Floorcoverings distributor Headlam Group plc has reported a decline in full year sales.

According to its latest trading update in respect of the year ended 31 December 2024, group revenue declined 9.7% to £593m.

“Good growth in revenue from the strategic growth areas of Larger Customers and Trade Counters was offset by the impact of the weak market conditions on the Regional Distribution business,” Headlam said.

“Group revenue in H2 2024 declined by 7.4% compared to an 11.8% decline in H1 2024. The Group expects the underlying loss before tax for the year to be circa £34m, subject to audit.”

On 20th December 2024, the Group announced a significant milestone against its transformation plan, disposing of property for cash proceeds of £54m, a 14% premium to its last market valuation. The Group ended the year with net cash of £11m and a property portfolio valued at £95m.