James Halstead, the UK largest commercial flooring manufacturer, has issued a trading in-line pre close update, covering the six months to Dec-16. Overall the tone of the update is noticeably more upbeat than at the AGM. Revenue growth is firm and supply chain issues resolved. Therefore, whilst estimates remain unchanged, we are raising our TP from 465p to 550p. Our confidence is underpinned by a strong balance sheet (net cash £42.3m Jun-16) and strong cash flow.
