AGM Statement

RNS Number : 6171R

Latham(James) PLC

25 August 2010

 



James Latham plc

Stock Exchange Announcement and Statement to the 2010 AGM

The Directors intend to issue the following statement to shareholders attending today's AGM:

For the first four months of the current financial year, namely April to July 2010, revenue is almost 11% higher than the same period last year. This is the result of an increase in the level of activity in the economy and higher product prices. Margins are higher, but are coming under pressure.

The trading environment remains challenging. Generally our customers have reasonable order books for the next few months. However much of the work is immediate and it is difficult to predict the level of activity likely during the winter months. Some sectors that were hard hit in the initial stage of the recession, such as commercial vehicle manufacture, are busier, but anticipated cuts in the Government's capital expenditure programmes will hit many areas of the economy. Credit insurance cover is now more available but bad debts are above normal levels and continue to give concern.

The board has responded to the trading environment by controlling overheads without jeopardising customer service or future prospects and by concentrating resources where opportunities exist.

The company has a strong financial base, with significant cash reserves, and is well placed to weather uncertain trading conditions.

James Latham plc's interim results to the end of September will be announced on 25 November 2010.

25 August 2010

For further information please visit www.lathams.co.uk or contact:

James Latham Plc	Tel:  [phone]
Peter Latham, Chairman
David Dunmow, Finance Director
Astaire Securities Plc - Nomad & Broker	Tel:  [phone]
Shane Gallwey

 

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