Latham(James) PLC AGM Statement (7957O)
August 23 2017 - 7:30AM
UK Regulatory
TIDMLTHM
RNS Number : 7957O
Latham(James) PLC
23 August 2017
James Latham plc (the "Company")
Statement to the 2017 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 2017, is 6% higher than for the same period
last year. It is encouraging to note that volumes through our
warehouses are higher than for the corresponding period last year
which saw particularly strong trading. While the weaker value of
sterling against the euro and dollar has led to increased prices,
this has led to continued pressure on margins as it takes time for
higher prices to become established in markets.
The level of activity for both timber and panels customers
remains positive, however the trading environment remains
competitive. We continue to see growth in most of the newer product
lines that we have taken on. Bad debts continue at a low level.
We moved into the new site in Yate in July; this will give us
the opportunity to grow the business and improve efficiency, but
the immediate impact is a short term increase in costs. Relocation
of our Wigston warehouse to Leicester is progressing; having
purchased a new site, construction work has started and completion
is expected by the end of 2017.
In spite of the investment in the new sites in Yate and
Leicester, the Company's cash reserves remain strong.
The Company's interim results for the six months ending 30
September 2017 will be announced on 30 November 2017.
After more than ten years as Chairman, latterly as Non-Executive
Chairman, today I retire from the Company. I would like to thank my
colleagues on the Board and the great team of people who work in
the company for their support and wish them every success in the
future under Nick Latham's leadership.
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 Tel: 020 3861 6625
Limited, Nomad and Broker
Matthew Johnson/Edward
Hutton (Corporate Finance)
John Howes (Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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