AGM Statement

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  or contact:

James Latham plc	Tel: [phone]
Nick Latham, Chairman
David Dunmow, Finance Director
SP Angel Corporate Finance LLP
Matthew Johnson / Charlie Bouverat (Corporate Finance)	Tel: [phone]
Abigail Wayne (Corporate Broking)

 

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