Havelock looks overseas as education work declines

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Shopfitter Havelock Europa today said it was on track to generate 10 per cent of its sales overseas as it reported a dip in first-half revenues.

The Fife-based firm posted revenues of £32.5 million for the six months to the end of June, down from £34.2m a year ago, following a decline in education activity and a “quieter” financial services sector.

Sales at Havelock’s educational supplies arm dropped 9 per cent to £3.2m, with the fall blamed on project delays and the UK government’s decision to give all primary pupils free school meals, “as many schools have used their discretionary cash flow to upgrade canteens rather than on educational supplies”.

Despite the fall in sales, the group’s pre-tax loss before one-off items was flat at £2m.

Chairman David MacLellan said: “Looking forward to 2015, we expect further opportunities to develop in financial services as our customers revise their high street offering, an upturn in investment by UK retailers and we remain on course to achieve our objective of having at least 10 per cent of sales from our international division.”