REG - Latham(James) PLC - AGM Statement <Origin Href="QuoteRef">LTHM.L</Origin>

James LathamAnnouncement

24/08/2016 12:30

RNS Number : 0387I
Latham(James) PLC
24 August 2016
James Latham plc (the "Company")
Statement to the 2016 AGM
The Directors intend to issue the following statement to shareholders attending today's AGM:
Revenue for the first four months of the current financial year, namely April to July 2016, is 3% higher than the same period last year. This is largely the result of product mix but also higher volumes traded, with more orders delivered from our warehouses. Margins are higher than for the same period last year, although slightly down on the quarter ended 31 March 2016. Overall the Company is trading in line with full year market expectations. 
The trading environment remains competitive, and activity show signs of slowing for both for timber and panels, however we continue to see growth in the newer product lines that we have taken on. Bad debts continue at a low level.
Since the year end we have completed the purchase of a new site in Yate at a cost of 5.2m. Fitting out is expected to cost an additional 1.2m and we expect to relocate into this site by June 2017. We are also in negotiations for a site for the relocation of our Wigston warehouse. We have increased our capacity to meet growing demand for our specialist panels with further investment in racking at Hemel Hempstead
The outlook remains uncertain but our wide spread of customers and strong balance sheet means that we are well placed to take advantage of opportunities.
The Company's interim results for the six months ending 30 September 2016 will be announced on 24 November 2016.
This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information please visit www.lathams.co.uk or contact:
James Latham plc
Tel: 01442 849 100
Peter Latham, Chairman

David Dunmow, Finance Director



Northland Capital Partners - Nomad and Broker
Tel: 020 3861 6625
Matthew Johnson / Edward Hutton




This information is provided by RNS
The company news service from the London Stock Exchange
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