Despite what has been a very difficult year for almost all industries, UK timber importer and distributor James Latham Group has managed to deliver a creditable trading performance and a very strong balance sheet in its preliminary results announced this week.

2007/2008 was an exceptional year for the business with strong international demand for timber and a buoyant market in the UK. However, in 2008/09 demand in both of these areas fell, which resulted in falling prices and lower margins. None the less, James Latham still managed to show an operating profit of £3,812,000.

Peter Latham, Chairman, James Latham said, "Against this background, sterling weakend against both the Dollar and the Euro and increasing prices could not be passed onto the market."

He added, "Reduced demand seen in the second half of last year continued into April and May, however, there is evidence that margins are gradually improving and while the volume of business is unlikely to increase over the coming 6 months, margins should improve to more usual levels as supply adjusts to current levels of demand."

The company saw a record number of customers going into liquidation in the December quarter and bad debts amounted to 0.74% of turnover for the year compared with 0.3% last year.

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For further press information, please contact Tim Roberts or Rebecca Jones at Amaze PR on 0161 817 4200, or e-mail t.roberts@amaze.com