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LONDON (Alliance News) - James Latham PLC Wednesday said revenue for April and May was 7% than in the same months of the prior year, both in panels and timber, with higher margins.
"It is a steady start to the year and generally customers are busier than they were for the final quarter of last year," Chairman Peter Latham said in a statement.
"The panels market remains particularly competitive, although we are seeing encouraging growth in the newer decorative products we have introduced," the chairman added.
Latham's comments came as the panel and timber distributor said its pretax profit increased by 3.5% at GBP10.1 million in the year ended March 31, with both panels and timber higher. Gross margin, before warehouse costs, increased by 0.4% percentage points.
Selling and distribution costs were up to GBP14.1 million from GBP12.9 million, while administrative costs were up to GBP6.2 million from GBP6.0 million.
"Overheads have been controlled, and are within our budget forecast, but higher than last year's due to the extra volumes, smaller order size and later order times for next day delivery. Staff numbers have increased during the year, with sales staff recruited in areas of the business where we see opportunities. Bad debts were low overall for the year, despite the relatively high level seen in the first quarter of the financial year," Latham said.
James Latham shares were down 0.4% at 680.00 pence on Wednesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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