Over the weekend I ran a piece by someone who had fled Airstrip One for a rain drenched paradise near Sodor regarding Headlam (HEAD). Today there comes news of a refinancing by the floor coverings group. A tax dodger responds..
I flagged up in Friday's bearcast my concerns about Headlam (HEAD) based on information from within the industry. That has prompted one of our more astute readers to contact me with a missive from an island with a enlightened tax regime, non stop rain and where the locals have a penchant for inbreeding. He opines:
Most recently on group describing itself as “the UK’s leading floor coverings distributor” Headlam (HEAD), I reviewed its CEO having “stepped down… with immediate effect” and concluded still avoid/sell with the shares falling further below 55p last month. The shares most recently closed at 56.6p, but what of now a “Trading Update” and the shares currently more than 11% lower in response at 50p?
Last month-announced results for the first half of the 2025 calendar year from group describing itself as “the UK’s leading floorcoverings distributor” Headlam (HEAD) included it emphasising “operating costs well controlled… Net debt of £24m at the end of the period compared to £28m a year ago” and “the lead indicators for the market continue to point to a return to growth over the medium term”. So what about now a “Directorate Change”?
Most recently writing on group describing itself as “the UK’s leading floorcoverings distributor” Headlam (HEAD), in July with the shares then slightly further lower at 86p I noted it emphasising “improving revenue trend” but, noting what the trend was improving from, questioned how creditable it was. The shares most recently closed at 66p and what of now results for the first half of the 2025 calendar year… and the shares currently falling further towards 60p?
Describing itself as “the UK’s leading floor coverings distributor”, Headlam Group (HEAD) has issued a “Trading Update” headlined “Improving revenue trend; expectations unchanged”. So what about a currently slightly further lower share price of 86p and that comparing to above 140p at the start of 2025?
Describing itself as “the UK’s leading floorcoverings distributor”, Headlam Group (HEAD) has issued a “Trading Update” commencing that for the first four months of this year its “year-on-year revenue has sequentially improved through the period” and also noting “some encouraging signs” of improvement and that a “robust balance sheet has continued to be supported by significant headroom on its borrowing facilities, unencumbered stock and receivables, and a property portfolio valued at £94 million”. So what of a current share price response slightly down to 93p, including after commencing 2025 at above 140p?
Most recently writing on group describing itself as “the UK's leading floorcoverings distributor” Headlam (HEAD), at the end of last month with the shares falling below 115p I concluded that its latest developments still suggested caution and, at least ahead of the upcoming detail of the results, still avoid/sell. What of now the results announcement and the shares currently around 105p in response?
Describing itself as “the UK’s leading floorcoverings distributor”, Headlam Group (HEAD) has issued a “Board Change” announcement including that its Chair Keith Edelman is stepping down. What about this from a currently further down below 115p share price?
Describing itself as a “leading floorcoverings distributor”, Headlam Group (HEAD) has issued a trading update including that “revenue in H2 2024 declined by 7.4% compared to an 11.8% decline in H1 2024” and that it “ended the year with net cash of £11 million and a property portfolio valued at £95 million”. When then of a currently further down to 137p share price, giving a down towards £110 million market cap?
Describing itself as “the UK's leading floorcoverings distributor”, Headlam Group (HEAD) has announced “Property Disposals” which CEO Chris Payne argues are “on highly attractive terms… enabled by the progress we are making in optimising our operations”. What of this and a share price currently approaching 7% higher in response at 140.5p?
Most recently writing on group describing itself as “the UK's leading floorcoverings distributor” Headlam (HEAD), in September with the shares down towards 142.5p I concluded that, with any market improvement already looking to be later than previously anticipated, I retained my prior caution. The shares most recently closed at 131.5p and what of now a further “Trading Update”?
