THE credit crunch has hit the Huddersfield-based building products company Heywood Williams.
Its half-yearly report, out today, showed a big slump in profits.
And the group – which makes products for building companies and DIY firms – has had to shed 149 jobs over the past few months.
The debt of the Edgerton-based group, which has building interests across the world, also increased.
Turnover in the first half of the year went down from £126m to £116.3m.
Profits after tax dropped to £900,000, as against £3m in the same period in 2007.
The net debt increased from £36.9m to £49.8m.
Chief executive Robert Barr, said: “Heywood Williams faced very tough trading conditions in the first half of 2008, due solely to the unprecedented impact of the credit crunch on the residential new build and home improvement markets in North America, the UK and Europe.
“In these difficult trading conditions the group remains focused on maximising cash generation by optimising working capital, especially stock levels, and continuing to aggressively drive specific initiatives to increase market shares, maintain margins and reduce costs.
“The board believes the group will continue to face very difficult market conditions.
“The group is trading in line with current market expectations.”
Mr Barr said the group expected conditions to remain tough throughout the rest of 2008 and into 2009, but hoped that new products, including hardware for emergency doors, could help to boost business.
