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Pin to quick picksLatham Timber Regulatory News (LTHM)

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Half Yearly Report

27 Nov 2014 07:00

RNS Number : 1239Y
Latham(James) PLC
27 November 2014
 

James Latham plc

("James Latham" or the "Company")

HALF YEARLY RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2014

 

Chairman's statement

 

I am pleased to report good results for the six months to 30 September 2014, in trading conditions which have continued to improve.

 

Results

 

The results are better than the same period last year. Revenue for the six months to 30 September 2014 was £89.1m, up 8.4 per cent on £82.2m for the same period last year. The operating profit was £5.4m, 18.8 per cent up on £4.6m last year. Finance Income was £21,000 (2013: £14,000) and Finance Costs were £263,000 (2013: £423,000), reflecting interest on the lower pension scheme deficit. Profit before tax was £5.2m, up 24.7 per cent on last year's £4.2m. Earnings per ordinary share were 20.5p (2013: 16.9p) an increase of 21.3 per cent.

 

As at 30 September 2014 shareholder funds had increased to £63.3m (2013: £51.5m) with cash and cash equivalents of £12.6m (2013: £5.7m).

 

Interim dividend

 

The Board has declared an interim dividend of 3.7p per Ordinary Share (2013: 3.4p), which is covered 5.5 times (2013: 5.0 times). The dividend is payable on 30 January 2015 to ordinary shareholders on the Company's Register at close of business on 9 January 2015. The ex-dividend date will be 8 January 2015.

 

Six months trading to 30 September 2014

 

In improving trading conditions, group revenue has grown by £6.9m, as a result of higher sales volumes. This growth was mainly in panel products, although timber also saw good improvement, with increased sales in Accoya® and WoodEx, our engineered wood sections.

 

Trading margins for the six months to 30 September 2014 have improved on the previous year. Overheads have been controlled, although higher selling and distribution costs reflect higher volumes handled and more sales people directed at target markets. Despite our collection of debts having improved, we saw in the first quarter of the year several unexpected bad debts which have contributed to the increase in administrative expenses. This experience was not repeated in the second quarter of the year. We continue to take advantage of cash settlement discounts from suppliers where this represents a good return.

 

Pension scheme

 

The IAS19R valuation shows that the scheme deficit has decreased to £5.47m from £9.28m in March. The triennial actuarial valuation at 30 September 2014 is substantially complete and indications are that the deficit is reduced. This will result in lower deficit recovery payments from 1 April 2015. Both the IAS19R and triennial valuations are very sensitive to small changes in gilt and corporate bond yields.

 

Current and future trading

 

The management accounts and information show growing revenue for October and the first half of November, at continually improving margins. We are trading comfortably in line with market expectations. We are progressing with our plans to relocate our two oldest depots. Our wide range of customers is generally busier than this time last year and the Company is in a strong position to meet increasing demand.

 

 

Peter Latham

Chairman

27 November 2014.

 

 

James Latham plc

Tel: 01442 849 100

Peter Latham, Chairman

David Dunmow, Finance Director

Northland Capital Partners Ltd

Nomad and Broker

Tel: 020 7382 1100

Matthew Johnson / Edward Hutton

 

 

 

JAMES LATHAM PLC

CONSOLIDATED BALANCE SHEET

At 30 September 2014

As at 30 Sept. 2014 unaudited

As at 30 Sept. 2013 unaudited

As at 31 March 2014 audited

£000

£000

£000

ASSETS

Non-current assets

Goodwill

237

237

237

Intangible assets

104

112

108

Property, plant and equipment

22,056

23,238

22,647

Total non-current assets

22,397

23,587

22,992

Current assets

Inventories

28,639

27,984

27,937

Trade and other receivables

35,617

34,091

32,842

Cash and cash equivalents

12,592

5,672

11,234

Total current assets

76,848

67,747

72,013

Total assets

99,245

91,334

95,005

Current liabilities

Trade and other payables

25,278

22,346

23,191

Current portion of interest bearing loans and borrowings

242

234

238

Current tax payable

1,005

846

1,017

Total current liabilities

26,525

23,426

24,446

Non-current liabilities

Interest bearing loans and borrowings

1,768

2,010

1,890

Retirement and other benefit obligation

5,473

13,695

9,267

Other payables

492

550

520

Deferred tax liabilities

1,649

125

774

Total non-current liabilities

9,382

16,380

12,451

Total liabilities

35,907

39,806

36,897

Net assets

63,338

51,528

58,108

Capital and reserves

Issued capital

5,040

5,040

5,040

Share-based payment reserve

152

135

123

Own shares

(226)

(208)

(175)

Capital reserve

3

3

3

Retained earnings

58,369

46,558

53,117

Total equity attributable to owners of the parent company

63,338

51,528

58,108

 

JAMES LATHAM PLC

CONSOLIDATED INCOME STATEMENT

For the six months to 30 September 2014

Six months to 30 Sept. 2014 unaudited

Six months to 30 Sept. 2013 unaudited

Year to 31 March 2014 audited

£000

£000

£000

Revenue

89,120

82,210

163,117

Cost of sales (including warehouse costs)

(73,281)

(68,273)

(134,688)

Gross profit

15,839

13,937

28,429

Selling and distribution costs

(7,031)

(6,449)

(12,941)

Administrative expenses

(3,392)

(2,931)

(6,016)

Exceptional adjustment to defined benefit pension cost

-

-

1,797

Other operating income

3

3

6

(10,420)

(9,377)

(17,154)

Operating profit

5,419

4,560

11,275

Finance income

21

14

27

Finance costs

(263)

(423)

(823)

Profit before tax

5,177

4,151

10,479

Tax expense

(1,209)

(886)

(1,888)

Profit after tax attributable to owners of the parent company

3,968

3,265

8,591

Earnings per ordinary share (basic)

20.5p

16.9p

44.3p

Earnings per ordinary share (diluted)

20.3p

16.7p

43.9p

All results relate to continuing operations.

 

 

JAMES LATHAM PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months to 30 September 2014

Six months to 30 Sept. 2014 unaudited

Six months to 30 Sept. 2013 unaudited

Year to 31 March 2014 audited

£000

£000

£000

Profit after tax

3,968

3,265

8,591

Other Comprehensive income

Actuarial gains on defined benefit pension scheme

3,492

3,004

5,543

Deferred tax relating to components of other comprehensive income

(661)

(890)

(1,508)

Other comprehensive income for the period, net of tax

2,831

2,114

4,035

Total comprehensive income, attributable to owners of the parent company

6,799

5,379

12,626

 

 

JAMES LATHAM PLC

CONSOLIDATED CASH FLOW STATEMENT

For the six months to 30 September 2014

Six months to 30 Sept 2014 unaudited

Six months to 30 Sept 2013 unaudited

Year to31 March 2014 audited

£000

£000

£000

Net cash flow from operating activities

Cash generated from operations

4,211

712

8,036

Interest paid

(24)

(25)

(45)

Income tax paid

(1,007)

(539)

(1,339)

Net cash inflow from operating activities

3,180

148

6,652

Cash flows from investing activities

Interest received and similar income

21

14

27

Purchase of property, plant and equipment

(137)

(1,041)

(1,181)

Net cash outflow from investing activities

(116)

(1,027)

(1,154)

Cash flows before financing activities

Borrowings repaid during the period

(118)

(113)

(229)

Equity dividends paid

(1,549)

(1,372)

(2,031)

Preference dividend paid

(39)

(39)

(79)

Net cash outflow from financing activities

(1,706)

(1,524)

(2,339)

Increase/(decrease) in cash and cash equivalents for the period

1,358

(2,403)

3,159

Cash and cash equivalents at beginning of the period

11,234

8,075

8,075

Cash and cash equivalents at end of the period

12,592

5,672

11,234

 

 

 

JAMES LATHAM PLC

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Issued capital £000

Share-based payment reserve £000

Own shares £000

Capital reserve £000

Retained earnings £000

Total equity £000

As at 1 April 2013 (audited)

5,040

91

(218)

3

42,551

47,467

Profit for the period

-

-

-

-

3,265

3,265

Other comprehensive income:

Actuarial gain on defined pension scheme

-

-

-

-

3,004

3,004

Deferred tax relating to components of other comprehensive income

-

-

-

-

(890)

(890)

Total comprehensive income for the year

-

-

-

-

5,379

5,379

Transaction with owners:

Dividends

-

-

-

-

(1,372)

(1,372)

Change in investment in ESOP shares

-

-

10

-

-

10

Share-based payment expense

-

44

-

-

-

44

Total transactions with owners

-

44

10

-

(1,372)

(1,318)

Balance at 30 September 2013 (unaudited)

5,040

135

(208)

3

46,558

51,528

Profit for the period

-

-

-

-

5,326

5,326

Other comprehensive income:

Actuarial gain on defined pension scheme

-

-

-

-

2,539

2,539

Deferred tax relating to components of other comprehensive income

-

-

-

-

(618)

(618)

Total comprehensive income for the period

-

-

-

-

7,247

7,247

Transactions with owners:

Dividends

-

-

-

-

(659)

(659)

Write down on conversions of ESOP shares

-

-

77

-

(77)

-

Exercise of options

-

(48)

-

-

48

-

Change in investment in ESOP shares

-

-

(44)

-

-

(44)

Share-based payment expense

-

36

-

-

-

36

Total transactions with owners

-

(12)

33

-

(688)

(667)

Balance at 31 March 2014 (audited)

5,040

123

(175)

3

53,117

58,108

Profit for the period

-

-

-

-

3,968

3,968

Other comprehensive income:

Actuarial gain on defined benefit pension scheme

-

-

-

-

3,492

3,492

Deferred tax relating to components of other comprehensive income

-

-

-

-

(661)

(661)

Total comprehensive income for the period

-

-

-

-

6,799

6,799

Transactions with owners:

Dividends

-

-

-

-

(1,549)

(1,549)

Write down on conversions of ESOP shares

-

-

2

-

(2)

-

Exercise of options

-

(4)

-

-

4

-

Change in investment in ESOP shares

-

-

(53)

-

-

(53)

Share-based payment expense

-

33

-

-

-

33

Total transactions with owners

-

29

(51)

-

(1,547)

(1,569)

Balance at 30 September 2014 (unaudited)

5,040

152

(226)

3

58,369

63,338

 

JAMES LATHAM PLC

NOTES TO THE HALF YEARLY REPORT

1. The results presented in this report are unaudited and they have been prepared in accordance with the recognition and measurement of International Financial Reporting Standards ('IFRS') as adopted by the EU that are expected to be applicable to the financial statements for the year ending 31 March 2015 and on the basis of the accounting policies to be used in those financial statements. The figures for the year ended 31 March 2014 are extracted from the statutory accounts of the group for that period.

2. The directors propose an interim dividend of 3.7p per ordinary share which will absorb £770,000 (2014: 3.4p absorbing £660,000), payable on 30 January 2015 to shareholders on the Register at the close of business on 9 January 2015. The ex-dividend date is 8 January 2015.

3. This half yearly report does not constitute financial statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 March 2014 were filed with the Registrar of Companies. The audit report on those financial statements was not qualified and did not contain a reference to any matters which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The half yearly report has not been audited by the company's auditor.

4. Earnings per ordinary share is calculated by dividing the net profit for the year attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.

Six months to 30 Sept 2014 unaudited

Six months to 30 Sept 2013 unaudited

Year to 31 March 2014 audited

£000

£000

£000

Net profit attributable to ordinary shareholders

3,968

3,265

8,591

Number '000

Number '000

Number '000

Weighted average share capital

19,393

19,376

19,385

Add: diluted effect of share capital options issued

196

179

182

Weighted average share capital for diluted earnings per ordinary share calculation

19,589

19,555

19,567

 

5. Net cash flow from operating activities

Six months to 30 Sept 2014 unaudited

Six months to 30 Sept 2013 unaudited

Year to 31 March 2014 audited

 

Profit before tax

5,177

4,151

10,479

Adjustment for finance income and expenditure

242

409

796

Depreciation and impairment

729

768

1,503

Loss on disposal of property, plant and equipment

3

3

3

Increase in inventories

(702)

(1,562)

(1,715)

Increase in receivables

(2,775)

(5,414)

(3,965)

Increase in payables

2,059

2,756

3,571

Own shares non cash amounts

33

10

(34)

Retirement benefits non cash amounts

(502)

(453)

(2,682)

Share-based payments non cash amounts

(53)

44

80

Cash generated from operations

4,211

712

8,036

6. Copies of this statement will be posted on our website, www.lathams.co.uk. A copy can be emailed or posted upon application to the Company Secretary, James Latham plc, Unit 3 Swallow Park, Finway Road Hemel Hempstead, Herts, HP2 7QU, or by email to plc@lathams.co.uk

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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