Heywood Williams Group Plc, a distributor of branded building products and parent to LaSalle Bristol, reported in its trading update for 2008 a decline in second-half sales, citing difficult market conditions.
According to RTT News, the company said that for the full year it expects to report loss before tax, in line with expectations.
The Halifax, UK-based company said sales in the second half were down 17% from the same period of the previous year and for the full-year revenue declined 13% from the year-ago period.
The company primarily sells branded building products to customers in the residential market segments across Europe and North America. It also supplies door and window hardware to the UK commercial property market and building products to the recreational vehicle market in North America.
All the markets that the Heywood Williams serves were hit by global economic headwinds, the company said.
During the year, the firm implemented several cost reduction initiatives, including job cuts of about 23%.
Looking ahead, the company anticipates tougher market conditions in 2009, but slight improvements in market conditions in 2010.