Products distributor is hit by sub-prime crisis in North America as pretax profit falls by 3.2%

黑洞社区 products distributor Heywood Williams Group reported a 3.2% fall in full-year pretax profit and predicted tough market conditions for the year ahead.

Pre-tax profit to the year ended 31 December 2007 was 拢9.1m, down from 拢9.4m for the same period in the previous year.

It said the fall was principally due reduced earnings at LaSalle Bristol in North America, caused by the effects of the sub-prime lending market on the manufactured housing industry 鈥� its main customer base in the area.

Despite this, it said LaSalle Bristol outperformed the market and the company would remain resilient in the year ahead with strong cash management, a new product pipeline and cost reduction plans.

Chief executive Robert Barr said: 鈥淭he board believes that the group will continue to demonstrate its resilience in 2008. The group has leading market positions, a record of strong cash management, an excellent new product pipeline and rigorous cost reduction plans are being implemented.鈥�

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