REG - Latham(James) PLC - AGM Statement

James LathamAnnouncement

31/08/2022 12:30

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RNS Number : 7890X  Latham(James) PLC  31 August 2022

James Latham plc

("James Latham" or "the Company")

AGM Statement

 

The Chairman of the Company 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 2022 is £142m. This represents an increase in sales per
working day of 15% compared with the same period last year. Prices continue to
be the biggest driver of the turnover increases but with volumes slightly down
on the same period last year. Prices though have been stable overall in the
first four months of the current financial year, with some weakness seen in
commodity panel products. Margins were similar to the second half of the
previous financial year and overheads have been well controlled but we are not
immune to the current inflationary pressures.

Our customers remain busy but we are now starting to see signs of weakness in
some sectors, as inflation, reduced consumer confidence and higher interest
rates are dampening demand. There is a small rise in bad debts and in
customers needing more time to pay suggesting a more difficult second half of
the financial year, as we have previously indicated.

Our cash balances remain strong and with our robust supply chains, this puts
us in a good position to take advantage of the opportunities that exist in our
market.

The Company's interim results for the six months ending 30 September 2022 will
be announced on 1 December 2022.

 

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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