Heywood Williams issues profit warning

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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - Trading conditions at door and window maker Heywood Williams remain tough, the group warned, with full year profit expected to come in significantly below market expectations.

Heywood, caught in the ripples of the global credit crunch said, "All of the housing markets the group serves have declined sharply during 2008 compared with 2007."

"The normal seasonal increase in demand has not occurred in any of the markets in which the group operates," it explained.

"This is solely due to the unprecedented impact of the credit crunch on the availability and cost of mortgages for consumers in both North America and across Europe."

New build activity is around 20-50% lower than the same time last year while home improvement activity is down 15-25% year on year.

It added that while the commercial property market in the UK has held up reasonably well, "production of recreational vehicles in North America has slowed considerably."

Heywood sees current market conditions deteriorating further in the second half.

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