(Alliance News) - James Latham PLC on Thursday said it expects revenue to be ahead of market expectations, but warned that there are a "few signs of price weakness in the immediate future."
The Hertfordshire-based distributor of timber, panels and decorative surfaces said that revenue in the year to March 31 remains strong. It now expects revenue to be slightly ahead of market expectations.
The company said it expects pretax profit to be in line with market expectations.
James Latham said that cost prices have stabilised, but there have been a "few signs of price weakness in the immediate future." It added that sales volumes are similar to the previous year.
However, it said that overheads have continued to rise in the period.
"We continue to monitor and control our overheads closely in the face of high inflation, whilst still investing in our operations to improve service levels," the company added.
In June, James Latham reported pretax profit of GBP58.0 million in financial year 2022 and revenue of GBP385.4 million.
James Latham plans to report the company's preliminary results for the year ended March 31, 2023, on June 29.
Shares in James Latham were up 3.7% to 1,206.00 pence each in London on Thursday morning.
By Sophie Rose, Alliance News reporter
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Latham Timber (LTHM)