Commercial flooring company James Halstead said Wednesday it expected annual profit in line with last year and annual sales ahead of last year.

UK turnover was 3% ahead of the prior year despite spending cuts and high street retailer issues, the company said.

The price increases in raw materials that was keeping lid on export currency gains continued in the second half of the year but was offset by increased sales, the company said. The company said it expected to report record turnover and annual profits in line with last year.

At 10:03am: (LON:JHD) James Halstead PLC share price was +8.5p at 394.5p