REG - Latham(James) PLC - AGM Statement

James LathamAnnouncement

23/08/2023 12:30

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RNS Number : 2328K  Latham(James) PLC  23 August 2023

James Latham plc

("James Latham" or "the Company")

AGM Statement

 

 

 

The Chairman of James Latham is pleased to provide the following trading
update at the Company's AGM being held today.

 

Revenue for the first four months of the current financial year, namely 1
April to 31 July 2023 is £128m. This represents a reduction in sales per
working day of 12% compared with an increase of 15% against the same period
last year. After two years of strong price growth, we continue to see price
weakness in some of our key product areas, with average product prices overall
down nearly 2% since the start of the current financial year. Volumes are
slightly down on the same period last year, mainly down to a reduction in some
direct business. Margins have returned to the longer term average achieved
pre-pandemic. Overheads and resulting profit are in line with market
expectations.

 

Our cash balances remain strong, and debtors days and bad debts remain
consistent with the same period last year.

 

Most of our customers are still quite busy, but they are seeing signs of
contracts being postponed rather than cancelled. The shift in product mix to
more lower value products has continued, and we expect this will not change
for the rest of the financial year as our customers look for more cost
effective solutions.

 

The Company's interim results for the six months ending 30 September 2023 will
be announced on 30 November 2023

 

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended.

 

For further information please visit www.lathamtimber.co.uk
(http://www.lathamtimber.co.uk)   or contact:

 James Latham plc                                        Tel: 01442 849 100
 Nick Latham, Chairman
 David Dunmow, Finance Director

 SP Angel Corporate Finance LLP
 Matthew Johnson / Charlie Bouverat (Corporate Finance)  Tel: 0203 470 0470
 Abigail Wayne (Corporate Broking)

 

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