Heywood Williams recently warned of further pain in 2009 against a background of "unprecedented market deterioration" but said it had a plan to deal with the current economic conditions. The Halifax-based group will tell shareholders at its AGM that market conditions facing the group in 09 are even more difficult than the "very tough" conditions experienced in 08, with sales in 1Q down 27% on 1Q/08. In an interim management statement from Jan-May/09, the group said it has traded in line with market expectations during the 1Q of the year, with net borrowings at the end of March lower than both expectations & 2008 It added that cash management continues to be its main focus. Working capital was reduced by £1M in 1Q/09 compared to a £6M increase in the same period/08. Heywood makes about 80% of its sales from the home improvement & new build markets of Europe & North America.
