Last checked at 20 Aug 2014 12:30
James Latham plc (the "Company")
Statement to the 2014 AGM
The Directors intend to issue the following statement to shareholders attending today's AGM:
Revenue for the first four months of the current financial year, namely April to July 2014, is 10% higher than the same period last year. This is largely the result of higher volumes traded, with more large orders delivered directly from manufacturers or the docks. In addition, sales ex stock have also grown. Margins are higher than for the same period last year, but similar to the March quarter. Overall the Company is trading to market expectations.
The trading environment remains competitive, but activity levels continue to improve, both for timber and panels. Generally customers appear busier. Bad debts are at a higher level than we have seen recently.
We have the capacity to meet higher levels of demand as the UK economy improves, and have plans to upgrade our older premises.
The outlook is more positive than we have seen for some time and our wide spread of customers and strong balance sheet means that we are well placed to take advantage of opportunities.
The Company's interim results for the six months ending 30 September 2014 will be announced on 27 November 2014.
For further information please visit www.lathams.co.uk or contact:
James Latham Plc | Tel: 01442 849 100 |
Peter Latham, Chairman | |
David Dunmow, Finance Director | |
Northland Capital Partners - Nomad and Broker | Tel: 020 7382 1100 |
Matthew Johnson / Edward Hutton | |