Interim Results

Latham(James) PLC
20 November 2003




ANNOUNCEMENT TO THE STOCK EXCHANGE
TO BE RELEASED ON THURSDAY 20 NOVEMBER 2003

JAMES LATHAM PLC UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003

Results


Group turnover is £48,724,000, an increase of 4.2% on the £46,769,000 for the
first six months of last year.


Pre-tax profits are £1,393,000 against a re-stated figure of £972,000.


The results for the six months to 30 September 2002 have been re-stated to
reflect the SSAP 24 charge of £736,000 which was attributable to the twelve
months ending 31 March 2003.  This has reduced last year's previously reported
interim profits by £368,000.


Earnings per Ordinary Share are 18.9p (re-stated 2002 10.7p).


Interim Dividend


The Board has declared an interim dividend of 5.5p per Ordinary Share (2002
5.25p) which is covered 3.4 times (re-stated 2002 2.0 times).


The dividend is payable on 26 January 2004 to shareholders on the register at
the close of business on 5 January 2004.  The ex-dividend date is 31 December
2003.


Associate Company


Since 30 September 2003, the Company has sold its 38.89% interest in Singer
Plywood Co. Limited.  The sale realised a profit of £18,000 which has not been
included in the interim results.


Lathams Limited


Sales at Lathams Limited, our timber and panels distribution company, increased
by 3.9%.  The profits generated by most of the depots are comfortably ahead of
last year.  The profits achieved by the new depots at Thurrock and Purfleet,
although on an increasing trend, are less than was earned at Clapton in the same
period last year.


Nevill Long Limited


Sales at our ceiling  systems, drylining and partitioning company increased by
5.2% against the same period last year and gross margins improved.  With
overheads remaining relatively stable, this has resulted in an enhanced net
profit at Nevill Long Limited.


Clapton site


The Planning Application for mixed redevelopment of the Clapton site was turned
down by the London Borough of Hackney at a Council meeting in early September.


The Appeal, which has been lodged with the Planning Inspectorate, is due to be
heard in December.  There will inevitably be some months delay before a decision
on the Appeal is forthcoming from the Office of the Deputy Prime Minister.


Current Trading


October was a good month for the James Latham Group and the current level of
demand remains satisfactory.



Roger Latham

Group Chairman                                        20 November 2003

JAMES LATHAM PLC

CONSOLIDATED BALANCE SHEET
As at 30 September 2003

                                        As at 30 Sept.     As at 30    As at 31 March
                                        2003 unaudited    Sept. 2002    2003 audited
                                                         unaudited as
                                                           restated
                                             £000            £000           £000

Fixed assets

Intangible fixed assets                              398           424             411

Tangible fixed assets                             12,792        11,977          12,806

Investments                                          579           523             537

                                                  13,769        12,924          13,754

Current assets

Stocks - goods for resale                         15,260        14,447          14,185

Debtors                                           21,745        20,305          19,049

Cash at bank and in hand                             660           642           1,012

                                                  37,665        35,394          34,246

Creditors:   amounts falling due within one     (20,157)      (16,361)        (17,344)
             year

Net current assets                                17,508        19,033          16,902

Total assets less current liabilities             31,277        31,957          30,656


Creditors:   amounts falling due after
             more than one year                  (3,246)       (4,355)         (3,260)

Provisions for liabilities and charges             (364)         (771)           (397)


Total net assets                                  27,667        26,831          26,999

Represented by:

Capital and reserves

Called up share capital                            6,027         6,027           6,027

Capital reserve                                        3             3               3

Revaluation reserve                                  149           149             149

Profit and loss account                           21,488        20,652          20,820

Shareholders' funds                               27,667        26,831          26,999

Attributable to equity                            26,680        25,844          26,012
shareholders

Attributable to non-equity                           987           987             987
shareholders


JAMES LATHAM PLC

CONSOLIDATED PROFIT AND LOSS ACCOUNT

For the six months to 30 September 2003


                                        Six months to 30  Six months  Year to 31 March
                                           Sept. 2003    to 30 Sept.    2003 audited
                                           unaudited         2002
                                                         unaudited as
                                                           restated
                                              £000           £000           £000

Turnover                                          48,724       46,769           91,797

Cost of sales (including warehouse              (40,947)     (39,127)         (76,874)
costs)

Gross profit                                       7,777        7,642           14,923


Selling and distribution costs                   (3,811)      (3,730)          (7,613)

Administrative expenses                          (2,646)      (3,146)          (5,989)

Other operating income                                 -           42               74

                                                 (6,457)      (6,834)         (13,528)

Operating profit                                   1,320          808            1,395

Share of profits of associated                         4           40               74
undertakings

Net interest                                          69          124              174

Profit on ordinary activities before               1,393          972            1,643
taxation

Tax on profit on ordinary                          (415)        (398)            (317)
activities

Profit on ordinary activities after taxation         978          574            1,326

Dividends   - preference                            (39)         (39)             (79)

            - ordinary                             (271)        (265)            (808)

Retained profit                                      668          270              439

Earnings per ordinary share                        18.9p        10.7p            25.0p


Notes

1.       The results for the six months ended 30 September 2003 and 30 September 2002
         are unaudited and prepared on the basis of the accounting policies set out in
         the Group statutory accounts for the year ended 31 March 2003. The results
         for the year ended 31 March 2003 are extracted from the statutory accounts,
         on which the auditors issued an unqualified report, and which have been filed
         with the Registrar of Companies.

2.       The unaudited results for the six months ended 30 September 2002 have been
         adjusted to reflect the additional SSAP24 adjustment made in respect of the
         year ended 31 March 2003. This followed the actuarial valuation completed
         after the publication of the results for the six months ended 30 September
         2003.This adjustment has reduced profits for the six months to 30 September
         2002 by £368,000.

3.       The directors have declared an interim dividend of 5.5p per ordinary share
         which will absorb £277,200 (2002: 5.25p absorbing £264,600), payable on 26
         January 2004 to shareholders on the Register at the close of business on 5
         January 2004. The ex-dividend date is 31 December 2003.  This dividend is
         accrued in the above figures.

4.       This statement does not comprise full accounts within the meaning of Section
         240 of the Companies Act 1985.

5.       Copies of this statement will be sent to all shareholders and will also be
         available on written application to the Company Secretary, James Latham plc,
         Unit 3 Swallow Park, Finway Road, Hemel Hempstead, Herts, HP2 7QU.

6.       The Group had no recognised gains or losses for the six months to 30
         September 2003 other than the results shown above.


JAMES LATHAM PLC


CONSOLIDATED CASH FLOW STATEMENT

For the six months to 30 September 2003


                                           Six months to 30    Six months  Year to 31 March
                                              Sept. 2003      to 30 Sept.    2003 audited
                                               unaudited          2002
                                                               unaudited
                                                 £000             £000           £000

Cash flow from operating activities                (1,555)          623            3,815

Dividend received from                                  17           10               21
associate

Returns on investments and servicing of finance

Interest received and similar income                   205          161              369

Interest paid                                        (114)         (32)            (160)

Preference dividend paid                              (39)         (39)             (79)

Net cash inflow from returns on                         52           90              130
investments and servicing of finance

Taxation                                             (215)        (307)            (859)

Capital expenditure and financial investment

Purchase of tangible fixed                           (203)      (4,322)          (5,330)
assets

Purchase of own shares                                (73)         (20)             (20)

Proceeds of sale of tangible fixed assets and            6            -               11
property

Net cash outflow from capital                        (270)      (4,342)          (5,339)
expenditure and financial investment

Equity dividends paid                                (548)        (554)            (808)

Cash outflow before use of liquid resources        (2,519)      (4,480)          (3,040)
and financing

Management of liquid resources

Sale of UK listed investments                            -          379              448

Financing

Bank loans repaid during the period                  (167)        (333)            (667)

Bank loans obtained during the period                    -        3,569            3,568

Other creditors                                          -            -            (500)

Short term borrowings obtained during the                -          150                -
period

Net cash outflow from financing                      (167)        3,386            2,401

Decrease in cash for the period                    (2,686)        (715)            (191)

Reconciliation of net cash flow to
movement in net debt

Decrease in cash for the period                    (2,686)        (715)            (191)

Cash outflow from decrease in debt and                 167      (3,386)          (2,401)
lease financing

Cash inflow from increase in liquid                      -        (379)            (448)
resources

Movement in net debt for the year                  (2,519)      (4,480)          (3,040)

Net debt at 1 April 2003                           (4,634)        (394)          (1,594)

Net debt at 30 September 2003                      (7,153)      (4,874)          (4,634)


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