Last checked at 29 Mar 2022 07:00
James Latham PLC
("James Latham" or the "Company")
Trading Statement
The Board of James Latham provides the following trading statement ahead of the Company's results for the year ended 31 March 2022.
Revenue for the year to 31 March 2022 remains strong and is anticipated to exceed £370m compared with £250m for last year. Cost prices have continued to rise throughout the year which is a major driver of the increase in revenues, and there are no signs currently of price weaknesses. Volume growth has slowed and gross margins percentages are now returning to more normal levels, as expected. Supply chain issues have continued, with shipment delays and congestion at the ports, and this has been exacerbated by the events in Ukraine and its effect on Russian ships and ports. We are still maintaining higher than normal inventory levels and using our extensive network of suppliers to ensure that we continue to provide a high level of service and product availability for our customers.
Overheads are facing inflationary pressures especially with increases in fuel costs causing an increase in vehicle costs per tonne delivered. We continue to monitor and control our overheads closely. The Company's balance sheet and cash balances remain strong.
The Board plans to report the Company's preliminary results for the year ended 31 March 2022 on 29 June 2022.
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended.
For further information please visit www.lathamtimber.co.uk. or contact:
James Latham plc | Tel: 01442 849 100 |
Nick Latham, Chairman | |
David Dunmow, Finance Director | |
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SP Angel Corporate Finance LLP | Tel: 0203 470 0470 |
Matthew Johnson / Charlie Bouverat (Corporate Finance) | |
Rob Rees (Corporate Broking) |