Business
Interim Results
Interim Results.
About this update from James Latham Plc
[{"type":"text","content":"\n RNS Number : 7603W Latham(James) PLC 25 November 2010 \n \n\nJAMES LATHAM PLC\nHALF YEARLY RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2010\n \nChairman's statement\n \nI am pleased to report very good results for the six months to 30 September 2010. There has been continuing uncertainty both in our markets and the UK economy as a whole but sales of our products have remained remarkably resilient. \n \nResults\n \nRevenue for the six months to 30 September 2010 was £65,985,000 compared to £58,203,000 for the same period last year, representing a 13.4% increase. The operating profit was £4,463,000, up from £3,352,000 last year. Finance Income was £33,000 (2009: £231,000) and Finance Costs were £265,000 (2009: £451,000). There was a final additional receipt of £360,000 from the contract for the sale of the Clapton site in 2004/2005. Profit before tax was £4,591,000, up from last year's £3,123,000. Earnings per ordinary share were 17.8p (2009: 11.8p).\n \nAs at 30 September 2010 shareholder funds were £42.6m (30.9.2009: £40.8m) with cash and cash equivalents of £7.8m (2009: £9.6m).\n \nInterim dividend\n \nThe Board has declared an interim dividend of 3.0p per Ordinary Share (2009: 2.5p), which is covered 5.9 times (2009: 4.7 times). The dividend is payable on 26 January 2011 to ordinary shareholders on the Company's Register at close of business on 7 January 2011. The ex-dividend date is 5 January 2011.\n \nSix months trading to 30September 2010.\n \nGroup revenue has continued improving on a month-on-month basis. This is the result of both higher prices and increased volumes. Prices have continued to rise but at a much reduced rate in the period July to September. The growth in sales has been achieved in both timber and panel products.\n \nAs predicted, trading margins for the period July to September have come under pressure. Overheads have been well controlled given the growth in volumes. Strong sales in August and September have increased our trade debtors balances, although cash collection periods have not lengthened. We continue to take cash settlement discounts from suppliers where this represents a good return on our cash. Opportunities to improve buying terms by purchasing more from source have resulted in higher stock levels in some areas. Our depot in ...