Latham(James) PLC AGM Statement (5760Y)
August 22 2018 - 6:30AM
UK Regulatory
TIDMLTHM
RNS Number : 5760Y
Latham(James) PLC
22 August 2018
James Latham plc
("James Latham" or the "Company")
Statement to the 2018 AGM
The Directors intend to issue the following statement to
shareholders attending today's AGM.
We are pleased to see that sales per working day for the first
four months of the current financial year, namely April to July
2018, are 9.1 % higher than the same period last year. Volumes have
increased through both our warehouses and direct, with the majority
of the volume increases being in panel products. Cost prices of our
products have continued to rise, having a positive effect on
revenues but creating pressure on our margins, which are slightly
lower than the second half of last year.
The level of activity for both our timber and panels customers
remains strong, with good demand for our added value timber
products and some commodity product lines, especially melamines and
doors where we are seeing the benefit of our extended racking
capability at our new facilities in Leicester and Yate. The
Company's cash reserves are strong, and we received GBP1.72m from
the sale of the old site at Yate in April.
Further to our success at the Business Design Centre in
Islington, we are pleased to announce the opening of our second
product specification showroom located in Manchester.
We know we are entering a period with more uncertainty and
greater competitive and market pressure. We remain positive that we
can meet the challenges ahead and continue to grow our
business.
The Company's interim results for the six months ending 30
September 2018 will be announced on 29 November 2018
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
Enquiries
James Latham plc Tel: 01442 849 100
Nick Latham, Chairman
David Dunmow, Finance Director
Northland Capital Partners Limited Tel: 020 3861 6625
Nominated Adviser and Broker
Matthew Johnson / Edward Hutton
Rob Rees
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END
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