Last checked at 21 Aug 2019 12:30
James Latham plc (the "Company")
Statement to the 2019 AGM
The Directors intend to issue the following statement to shareholders attending today's AGM:
Like for like revenue for the first four months of the current financial year, namely April to July 2019, is 4.8% higher than for the same period last year. We are pleased with the progress being made at Abbey Woods, our Irish timber distributor.
Volumes during the period have improved slightly, with a good increase in our added value products outweighing the loss of some lower value commodity panel products. It is encouraging that margins have improved compared to the second half of 2018/9. We have continued to see some weakening in cost prices of commodity products, but this is partly off set against the weakness of sterling against the euro and dollar.
Most of our customers remain positive, however we are mindful of weakening economic indicators and the further impact that Brexit may have on the economy, but we are confident that we remain in a strong position to deal with these challenges.
It is very encouraging to see increasing specification of our products from architects and designers and we expect this to continue to provide growth opportunities.
The Company's cash reserves remain strong, with bad debts remaining at a low level.
The Company's interim results for the six months ending 30 September 2019 will be announced on 28 November 2019.
For further information please visit www.lathams.co.uk or contact:
James Latham plc | Tel: 01442 849 100 |
Nick Latham, Chairman | |
David Dunmow, Finance Director | |
S P Angel Corporate Finance LLP Nominated Adviser and Broker |
Tel: 020 3470 0470 |
Matthew Johnson / Charlie Bouverat Abigail Wayne | |