Statement to the 2012 AGM

RNS Number : 5646K

Latham(James) PLC

22 August 2012

 

22 August 2012

 

James Latham plc (the "Company")

Statement to the 2012 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 2012 is 6% higher than the same period last year. This is the result of increases in both volumes traded and a change in mix to higher value products. The Company benefitted from the sale of specialist, non-slip plywood for the final fit-out of a number of Olympic venues. Margins are still lower than for the same period last year, but have improved when compared to the second half of last year. Overall we continue to trade in line with market expectations.

The trading environment remains difficult and turnover in June, a short trading month, was poor. This was made up by stronger sales in July. Levels of activity are mixed with some customers very busy and others quiet. Bad debts are higher than we have experienced for some time and the outlook continues to give concern.

The new site in Leeds was fully operational from the beginning of April 2012. The modern, racked warehouse and large yard area have increased operating efficiency and our capacity to service the north.

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.

James Latham plc's interim results for the six months to the end of September 2012 will be announced on 29 November 2012.

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

James Latham Plc	Tel:  [phone]
Peter Latham, Chairman
David Dunmow, Finance Director
Northland Capital Partners - Nomad & Broker	Tel:  [phone]
Tim Metcalfe / Matthew Johnson

 

END

 

 

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