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LONDON (Alliance News) - James Latham PLC on Thursday reported a rise in profit in the first half of its financial year boosted by good revenue growth, and it said it is trading "comfortably" in line with market expectations.
The timber products company reported a GBP6.3 million pretax profit in the six months ended September 30, up from GBP5.2 million in the same period the year before, as revenue rose to GBP96.2 million from GBP89.1 million.
It said revenue was boosted by higher sales volumes and product mix, which offset lower prices, with growth achieved in both panel products and timber, particularly in decorative panels, doors and engineered wood brands Accoya and WoodEx.
James Latham has raised its interim dividend to 4 pence per share from 3.7p.
"Management information shows growing revenue for October and the first half of November, at slightly improved margins. Market conditions continue to be difficult in some areas, while improving in others. We are in a good position with our wide range of customers and we are trading comfortably in line with market expectations," Chairman Peter Latham said in a statement.
Shares in James Latham were trading up 1.4% at 677.00 pence early Thursday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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