OPERATING PROFITS UP SIX PER CENT AT JAMES LATHAM PLC - DESPITE DIFFICULT TRADING PERIOD

UK timber importer and distributor James Latham plc has reported a six per cent increase in operating profits for the half year to September 2009, despite difficult trading conditions across the sector.   

Operating profit for the six months to 30 September 2009 was £3,352,000, up from £3,167,000 for the same period last year and revenue was at £58,203,000. The interim dividend was also up by 25 per cent.  

In addition, improved working capital contributed to an improved cash position for the business during this period.

Chairman, Peter Latham noted that sales of panel products, which had been slow for the first four months of 2009, showed a welcome recovery over the period although revenue from timber remained constant.  

Commenting on the results, Peter Latham said, “I am pleased to report good results for the six months to 30 September 2009 despite difficult trading conditions in the sector and the UK economy as a whole.  Margins continued to improve from the low levels seen at the start of the year and for the six months reported, were ahead of the same period last year.  Overheads have also been reduced as a result of the company’s cost reduction programme and improved efficiency has enabled increasing volumes to be handled."   

“Our new Scottish branch continues to make steady progress and the move to larger premises at our Fareham and Dudley sites is now contributing positively to results. There are still plenty of opportunities to grow the business profitably and the company is very well placed to take full advantage of these.”

For more information about James Latham, visit the company website at www.lathamtimber.co.uk.  

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For further press information contact: Tim Roberts or Rebecca Jones at Amaze PR on 0161 817 4200 or 07831 151007 Email: t.roberts@amaze.com