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Results significantly ahead of expectations. Really nice well run company and totally below the radar. As it grows this will change.
2nd half T/O of £170m with profit (if back 18% normal rate) about £30m. Makes earnings for the year of around 310p /share -a P/E of 4! Surely a decent dividend should be coming.
Hi Walkley. Do you have any idea of forecasts for 2022? Multiplying the EPS x 2, for an annual figure, gives a p/e of <5x which is ludicrously cheap. However, the statement is clearly indicating that such strong growth recently will not repeat itself in the second half and, like many other management statements, there are all refs to supply chains problems, rising prices etc. to err on the side of caution. Nonetheless, I cannot help but feel that the shares are way too cheap, especially considering the quality of the management team and prospects.
Operating profit was £34.1m, up £27.6m on the £6.5m profit for the same period last year. Profit before tax was £34.0m compared with £6.3m for the same period last year. The tax charge of £7.5m represents an effective rate of 21.9%, which includes an increased charge for deferred taxation following the announcement of a future increase in corporation tax to 25%. Earnings per ordinary share were 133.5p compared with 25.6 p for the same period last year.
"This revenue and margin increase together with our control of overheads has resulted in profit before tax for the first four months of this year being approximately the same as we achieved for the whole of the last financial year, namely a profit before tax of £18.6m."
Thanks, yes I did see that later yesterday. It has not effected the sp at all so I presume these shares were placed with other investors. A lot of companies in this sector seem to be posting flat or falling profits and saying its very competitive.
James Latham plc ("James Latham" or the "Company") Holdings in Company James Latham announces that International Plywood (Importers) Ltd ("International Plywood") has disposed of its entire holding of 900,000 ordinary shares in the Company at £6.60 per share through a placing with new and existing investors arranged by Northland Capital Partners Limited, the Company's Nominated Adviser and Broker. Commenting on the change in the share register, Peter Latham, Chairman of James Latham, said: "International Plywood has been a supportive shareholder over many years and in their place we are pleased to welcome a number of new institutional investors onto the share register." Remains to be seen what affect this will have on the share price. £6.60 is quite a discount to the present share price. Selling that number of shares in what is often an illiquid company share price can often mean having to take a lower price, despite others willing to take up the shares. May well see another holding RNS within the week indicating who has taken up the shares and what %. Bigger question as far as I am concerned is WHY International Plywood WANT to sell out?. Regards CM
Whats happening?
Hmm, still going nicely. Very much of the radar. Who needs the fly by the seat of your pants speccie shares?. Up over 35% since invested in November, thank you very much. CM
Taken from the March issue of GrowthCompanyInvestor: "A good investment, touch wood." James Latham is another business that is not reinventing the wheel but that nonetheless holds considerable appeal for those looking for a fast-growing business with a surprisingly diverse product range. Founded in 1757 in Liverpool as an importer of hardwoods, today Latham sells a diverse range of wood products. These include engineered timber for use in door and window frames, flooring products for use within homes and decking for exterior patios. The group boasts that in addition to its headquarters in Herfordshire, it has 11 sites in the U.K for distributing its wares, including in Leeds, Gateshead and Dudley. Other products include its range of panels for use in bathrooms and kitchens, and hardwoods used in the transport industry. an interesting product sold by the group is known as "solid surface", which can be combined with wood or metal to form a dense material that can be used with doors and interior walls. Latham imports hardwoods from locations including the Far East, Africa and North America, while its softwood hails from the Nordic nations and the USA. A family run business, chairman Peter Latham continues to hold the role of chairman, having started at his family's company over 40 years ago. Fellow family members Piers and Nick Latham work as executive directors, while Pippa Latham holds the role of non-executive director. Non-family members on the board include non-executive director Meryl Bushell and finance director David Dunmow. In its results for the 6 months to September, pre-tax profits rose from £4.1 million to £5.2 million on sales that increased in value from £82.2 million to £89.1 million. Trading on 15 times forward earnings, Latham also has a price/earnings-to-growth ration of 0.4 on 2014 figures. There is also a dividend yield of 2.1 per cent. The price-to-book ratio is below 2, in addition to its price-to-tangible book figure. The price-to-cash flow rating is over 11, with the price-to-sales rating standing at 0.7. Latham is a company with a long heritage that is a big player in the industry. Its steady sales growth is partially due to its efforts to diversify into a number of niche wood products as well as bolster its number of distribution bases. This is one company that will not need to knock on wood to succeed. Recommendation - BUY" I've found GCI a very good source for information to back up my own research in the past. Many of their tips have proved profitable, although that in itself is not a recommendation. Regards and good luck CM
TNW now 53% of market cap. Still good. EV/EBIT must be 10-11 now I reckon. Forward PE of 11 it seems. Considering 24% growth in PBT/EPS the peg ratio ought to be 0.5-0.6 - also v good. Profit margins are improving. Seems like quality (and increasing quality) and growth at a slightly cheap price. There's much to like it here.
Wasn't that a great article CM. As a subscriber to Stockopedia I am becoming such a fan of the StockRanks system. It is a great tool to use and quickly gives an overview of any stock. A little deeper research is still advised which cannot be quantified like the outlook statements, and any positive or negative news in the headlines. I am around 13% up on this stock, and the current rankings are still all nice at the moment. StockRank 99 with Value 77, Quality 97 and Momentum 98.
Forward PE ratio of 10.7 Forward EV/EBIT of 9.5 TNW of 58% Outlook is solid Family owned business Looks very good.
LTHM - one of Stockopedia's top 10 tips for the year. Basic Materials James Latham - Like Cranswick, this importer and distributor of timber and panel based products is another AIM tenbagger since 2000 that remains moderately valued. It falls into the category of predominantly family owned niche businesses that investors have ignored to their detriment. 30% EPS CAGR versus 7% sales growth shows strong management, while brokers have been consistently hiking their estimates to the benefit of the share price. Mkt Cap £113m - StockRank 99. Can't reproduce the full list by a link. However the last couple of paragraphs are interesting: Isn't this a really boring and unsexy list? Yes quite possibly, but as I've written before stocks that have the best fundamental and technical qualities are often strikingly hard to imagine buying. Value stocks often have 'problems', Quality stocks are often 'boring', and Momentum stocks often have 'scary' charts. Who really wants to buy boring, problem stocks with scary price charts? Therein may lie the secret to the StockRanks alpha. The saddest fact in investment is that most investors overpay to buy the most glamorous names in the market. If you do the same, you may end up with the same returns as them - average returns are very uninspiring. What investors ought to do is invest at the margins, where others aren't paying attention. As Peter Lynch, one of the greatest fund managers of all time, wrote in the classic One Up on Wall Street - "A company that does boring things is almost as good as a company that has a boring name, and both together is terrific." So many investors go seeking the glamour stocks, looking at the high return element almost exclusively of the high risk tag which goes with them. Been guilty of that myself and it would be oh so easy to fall into old bad habits. I have lost more than 50% of my capital on some investments when looking for 100% return rather than settle for a 20% return on a far less risky stock. All the best folks, here and with all your investments. "Live long and prosper" oh, and in the best of health too. Regards CM
HI CM. Not sure what to make of the RNS myself but the share price recovered well. GL.
Bid 565 Ask 585. Yeah, you'll let me buy in now won't you at 585, but you wouldn't let me buy anything when the bid was down at 536!!!!. Hey blooming ho!. At least the bid is now at/around what it opened at. CM
RNS: James Latham announces that Northland Capital Partners Limited, the Company's broker, has arranged a placing ("the Placing") of the Company's shares held by Sir Robert McAlpine Enterprises Limited ("SRMEL"). Following the Placing, the Company has been notified by SRMEL that it is no longer a shareholder in James Latham. The shares were placed at £5.00 each with new and existing shareholders. Commenting on the change in the share register, Peter Latham, Chairman of James Latham, said: "the McAlpine family has been a strong and valuable supporter of the Company over many years and in their place we are pleased to welcome a number of institutional investors onto the share register." The Company has been notified that Meryl Bushell, a non-executive director of James Latham, purchased 5,000 shares in the Placing. Mrs Bushell now holds 9,400 ordinary shares of 25p each in the Company representing 0.05 per cent. of the total voting rights. Wonder why the Sir Robert Mc.Alpine sold all of his holdings for 500p when the market price was around 580p on Friday?. The shares were taken up at that price it would seem, so I would have thought half of those trades showing as sells on Friday were infact buys, but seeing that the market price at the time was higher it would have registered as a sell. Hmm, strange. What is also strange is that I can sell my small holding of 200 shares, now at 547p (up from 536p about 5 minutes ago), but I am unable to buy any at all!. Perhaps they are reserving buys for the big boys. Makes me wonder if something is going on in the background. Share price does seem to be recovering a little, wonder where it will be come day end?. If there was something nasty afoot, you would think those who have bought RMcA shares wouldn't have been interested. I can see nothing obviously wrong from looking at the latest trading update. Perhaps it was a generous act on his behalf, season of good will and all that!. Well, matey boy, you could have thrown some at me!. Good luck all, and lets hope for some more recovery by day end. Regards CM
saw them all going through the cnbc ticker from 3.30pm onwards,but they wasn't showing up on the trades?i thought "what the hecks going on here".lol. yeah,holdings rns needed for that lot.
All those late trades have gone through at 500p!, don't know what all that is about. Hmm, look out for any RNS. CM
trade,£7 million,cant imagine it being a sell,but ya never know.
£6.00 to buy now!. Can only buy 100 shares, to add to my 200!!. Well, they say mighty Oaks grow from the smallest acorns. Far better buy than all those speculative jobbies imo. Slow and steady will do me fine...........and my nerves. Too boring for many I guess. CM
Welcome to Latham! I was in at 498 so i am around 7% up on this. Paul Scott has giving this a decent review on his usual daily report. Fingers crossed we get a decent run on this ;)
Hmm. My buy limit has been activated at 530p, set on a rising buy, regardless at the limit being 525p. Only bought 200 shares, so it has made, what £10 difference. So, looks like I'm in along with you. CM
Yes. Ask is down to 530p again from being over 540p earlier. About to go out, so I think I will set a cheeky buy limit and see if I can catch it at around the 520-525p price. Well, sometimes it works!. Then again, it may jump up again on afternoon trades. Hmm, lets see what happens. Regards CM
ah ha! CM nice to see our minds thinking alike again. I got the net cash position wrong. It is 12m not 9m. But i think you are used to my typos by now lol. But a nice increase. A bit of a momentum trade going on with some good value and very good quality. I have gone into positive territory here and hope it continues. cheers