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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Latham (james) Plc | LSE:LTHM | London | Ordinary Share | GB00B04NP100 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,205.00 | 1,180.00 | 1,230.00 | 1,205.00 | 1,205.00 | 1,205.00 | 5,412 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Wood Products, Nec | 408.37M | 35.92M | 1.7849 | 6.75 | 242.48M |
From May 2019 to May 2024
TIDMLTHM
RNS Number : 9933P
Latham(James) PLC
24 November 2016
James Latham plc
("James Latham" or "the Company")
HALF YEARLY RESULTS FOR THE PERIODED 30 SEPTEMBER 2016
Chairman's statement
I am pleased to report good results for the six months to 30 September 2016.
Results
The results are better than the same period last year. Revenue for the six months to 30 September 2016 was GBP100.3m, up 4.2 per cent on GBP96.2m for the same period last year. The operating profit was GBP7.8m, 21.3 per cent up on GBP6.5m last year. Profit before tax was GBP7.7m, up 22.4 per cent on last year's GBP6.3m. Earnings per ordinary share were 31.2p (2015: 25.8p) an increase of 20.9 per cent.
As at 30 September 2016 net assets had reduced to GBP64.5m (2015: GBP67.8m) with cash and cash equivalents of GBP16.1m (2015: GBP12.4m). The actuarial calculation of the pension deficit is very sensitive to changes in the discount rate, and due to the fall in corporate bond yields, the pension deficit is calculated as increasing from GBP7.7m to GBP23.2m. However the scheme investments have grown faster than the scheme assumptions.
Interim dividend
The Board has declared an increased interim dividend of 4.5p per Ordinary Share (2015: 4.0p), which is covered 6.9 times (2015: 6.5 times). The dividend is payable on 27 January 2017 to ordinary shareholders on the Company's Register at close of business on 6 January 2017. The ex-dividend date will be 5 January 2017.
Six months trading to 30 September 2016
In trading conditions which have been different for the various markets that we serve, group revenue has grown by GBP4.1m as a result of higher prices of imported goods resulting from the fall in the value of sterling with small gains from sales volumes and product mix.
Trading margins for the six months to 30 September 2016 are higher than for the previous year. Overheads have been well controlled. Bad debts have remained lower than expected. We continue to take advantage of cash settlement discounts from suppliers where this represents a good return.
Current and future trading
Management information shows growing revenue for October and the first half of November, at slightly lower margins. The weakness of sterling, whilst increasing prices, could put pressure on margins in the coming months. Market conditions continue to be difficult in some areas, while improving in others. We are in a good position with our wide range of customers and we are trading comfortably in line with market expectations. We are progressing with our plans to relocate our two oldest depots. Construction work has started on the new Yate site and terms have been agreed for the new Wigston site, subject to planning.
Peter Latham
Chairman
23 November 2016
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
Enquiries
Hot Features
Premium
James Latham plc Tel: 01442 849 100
David Dunmow, Finance
Director
Northland Capital Partners Tel: 0203 861 6625
Limited
Nominated Adviser and
Broker
Matthew Johnson / Edward
Hutton
JAMES LATHAM PLC
CONSOLIDATED INCOME STATEMENT
For the six months to 30 September
2016
Six months Six months Year
to 30 to 30 to 31
Sept. Sept. March
2016 2015 2016
unaudited unaudited audited
GBP000 GBP000 GBP000
Revenue 100,334 96,209 185,929
Cost of sales (including warehouse
costs) (81,582) (78,975) (151,389)
Gross profit 18,752 17,234 34,540
Selling and distribution costs (7,889) (7,674) (15,129)
Administrative expenses (3,027) (3,099) (6,170)
Operating profit 7,836 6,461 13,241
Finance income 33 25 56
Finance costs (209) (227) (421)
Profit before tax 7,660 6,259 12,876
Tax expense (1,545) (1,257) (2,410)
Profit after tax attributable
to owners of the parent company 6,115 5,002 10,466
Earnings per ordinary share (basic) 31.2p 25.8p 53.7p
Earnings per ordinary share (diluted) 31.1p 25.5p 53.5p
======================================= =========== =========== ==========
All results relate to continuing
operations.
JAMES LATHAM PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
For the six months to 30 September
2016
Six months Six months Year
to 30 to 30 to 31
Sept. Sept. March
2016 2015 2016
unaudited unaudited audited
GBP000 GBP000 GBP000
------------------------------------------ ----------- ----------- ---------
Profit after tax 6,115 5,002 10,466
Other Comprehensive income
Actuarial (losses)/gains on defined
benefit pension scheme (13,313) 2,766 825
Deferred tax relating to components
of other comprehensive income 2,396 (491) (219)
------------------------------------------ ----------- ----------- ---------
Other comprehensive income for
the period, net of tax (10,917) 2,275 606
------------------------------------------ ----------- ----------- ---------
Total comprehensive income, attributable
to owners of the parent company (4,802) 7,277 11,072
========================================== =========== =========== =========
JAMES LATHAM PLC
CONSOLIDATED BALANCE SHEET
At 30 September 2016
As at As at As at
30 Sept. 30 Sept. 31 March
2016 2015 2016
unaudited unaudited audited
GBP000 GBP000 GBP000
ASSETS
Non-current assets
Goodwill 237 237 237
Intangible assets 89 97 93
Property, plant and equipment 25,315 21,477 22,111
Deferred tax asset 4,245 1,773 1,802
Total non-current assets 29,886 23,584 24,243
Current assets
Inventories 35,065 32,419 33,403
Trade and other receivables 38,003 37,612 35,288
Cash and cash equivalents 16,102 12,432 16,832
----------------------------------------- ----------- ----------- ----------
Total current assets 89,170 82,463 85,523
Total assets 119,056 106,047 109,766
----------------------------------------- ----------- ----------- ----------
Current liabilities
Trade and other payables 25,730 24,917 23,471
Current tax payable 1,590 1,297 1,376
----------------------------------------- ----------- ----------- ----------
Total current liabilities 27,320 26,214 24,847
Non-current liabilities
Interest bearing loans and borrowings 987 987 987
Retirement and other benefit obligation 23,208 7,679 9,657
Other payables 377 435 406
Deferred tax liabilities 2,686 2,961 2,686
----------------------------------------- ----------- ----------- ----------
Total non-current liabilities 27,258 12,062 13,736
Total liabilities 54,578 38,276 38,583
Net assets 64,478 67,771 71,183
========================================= =========== =========== ==========
Capital and reserves
Issued capital 5,040 5,040 5,040
Share-based payment reserve 70 172 56
Own shares (344) (235) (441)
Capital reserve 3 3 3
Retained earnings 59,709 62,791 66,525
----------------------------------------- ----------- ----------- ----------
Total equity attributable to owners
of the parent company 64,478 67,771 71,183
========================================= =========== =========== ==========
JAMES LATHAM PLC
CONSOLIDATED CASH FLOW STATEMENT
For the six months to 30 September
2016
Six months Six months Year
to 30 to 30 to 31
Sept Sept March
2016 2015 2016
unaudited unaudited audited
GBP000 GBP000 GBP000
----------------------------------------- ----------- ----------- ---------
Net cash flow from operating activities
Cash generated from operations 6,665 4,055 11,704
Interest paid (2) (25) (23)
Income tax paid (1,376) (909) (2,016)
Net cash inflow from operating
activities 5,287 3,121 9,665
----------------------------------------- ----------- ----------- ---------
Cash flows from investing activities
Interest received and similar
income 33 25 56
Purchase of property, plant and
equipment (4,035) (608) (2,056)
Proceeds from sale of property,
plant and equipment 41 46 136
Net cash outflow from investing
activities (3,961) (537) (1,864)
----------------------------------------- ----------- ----------- ---------
Cash flows before financing activities
Borrowings repaid during the period - (907) (907)
Equity dividends paid (2,017) (1,707) (2,484)
Preference dividend paid (39) (39) (79)
Net cash outflow from financing
activities (2,056) (2,653) (3,470)
----------------------------------------- ----------- ----------- ---------
(Decrease)/increase in cash and
cash equivalents for the period (730) (69) 4,331
=========================================
Cash and cash equivalents at beginning
of the period 16,832 12,501 12,501
Cash and cash equivalents at end
of the period 16,102 12,432 16,832
========================================= =========== =========== =========
JAMES LATHAM PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to owners of the
parent company
Share-based
Issued payment Own Capital Retained Total
capital reserve shares reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
As at 1 April 2015
(audited) 5,040 143 (177) 3 57,222 62,231
Profit for the period - - - - 5,002 5,002
Other comprehensive
income:
Actuarial gain on defined
benefit pension scheme - - - - 2,766 2,766
Deferred tax relating
to components of other
comprehensive income - - - - (491) (491)
--------------------------- ------------- ----------------- ------------ ------------ ------------- ------------
Total comprehensive
income for the period - - - - 7,277 7,277
Transaction with owners:
Dividends - - - - (1,707) (1,707)
Write down on conversions
of ESOP shares - - 1 - (1) -
Change in investment
in ESOP shares - - (59) - - (59)
Share-based payment
expense - 29 - - - 29
--------------------------- ------------- ----------------- ------------ ------------ ------------- ------------
Total transactions with
owners - 29 (58) - (1,708) (1,737)
Balance at 30 September
2015 (unaudited) 5,040 172 (235) 3 62,791 67,771
Profit for the period - - - - 5,464 5,464
Other comprehensive
income:
Actuarial loss on defined
benefit pension scheme - - - - (1,941) (1,941)
Deferred tax relating
to components of other
comprehensive income - - - - 272 272
--------------------------- ------------- ----------------- ------------ ------------ ------------- ------------
Total comprehensive
income for the period - - - - 3,795 3,795
Transactions with owners:
Dividends - - - - (777) (777)
Transfer of treasury
shares - - (1,385) - 1,385 -
Write down on conversions
of ESOP shares - - 818 - (818) -
Conversion of ESOP shares - - 507 - - 507
Exercise of options - (149) - - 149 -
Change in investment
in ESOP shares - - (146) - - (146)
Share-based payment
expense - 33 - - - 33
--------------------------- ------------- ----------------- ------------ ------------ ------------- ------------
Total transactions with
owners - (116) (206) - (61) (383)
--------------------------- ------------- ----------------- ------------ ------------ ------------- ------------
Balance at 31 March
2016 (audited) 5,040 56 (441) 3 66,525 71,183
Profit for the period - - - - 6,115 6,115
Other comprehensive
income:
Actuarial loss on defined
benefit pension scheme - - - - (13,313) (13,313)
Deferred tax relating
to components of other
comprehensive income - - - - 2,396 2,396
--------------------------- ------------- ----------------- ------------ ------------ ------------- ------------
Total comprehensive
income for the period - - - - (4,802) (4,802)
Transactions with owners:
Dividends - - - - (2,017) (2,017)
Exercise of options - (3) - - 3 -
Change in investment
in ESOP shares - - 97 - - 97
Share-based payment
expense - 17 - - - 17
--------------------------- ------------- ----------------- ------------ ------------ ------------- ------------
Total transactions with
owners - 14 97 - (2,014) (1,903)
Balance at 30 September
2016 (unaudited) 5,040 70 (344) 3 59,709 64,478
=========================== ============= ================= ============ ============ ============= ============
JAMES LATHAM PLC
NOTES TO THE HALF YEARLY REPORT
1. The results presented in this report are unaudited
and they have been prepared in accordance with the
recognition and measurement of International Financial
Reporting Standards ('IFRS') as adopted by the EU
that are expected to be applicable to the financial
statements for the year ending 31 March 2017 and
on the basis of the accounting policies to be used
in those financial statements. The figures for the
year ended 31 March 2016 are extracted from the statutory
accounts of the group for that period.
2. The directors propose an interim dividend of 4.5p
per ordinary share which will absorb GBP880,000 (2016:
4.0p absorbing GBP780,000), payable on 27 January
2017 to shareholders on the Register at the close
of business on 6 January 2017. The ex-dividend date
is 5 January 2017.
3. This half yearly report does not constitute financial
statutory accounts within the meaning of section
434 of the Companies Act 2006. The statutory accounts
for the year ended 31 March 2016 were filed with
the Registrar of Companies. The audit report on those
financial statements was not qualified and did not
contain a reference to any matters which the auditor
drew attention by way of emphasis without qualifying
the report and did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006.
The half yearly report has not been audited by the
company's auditor.
4. Earnings per ordinary share is calculated by dividing
the net profit for the year attributable to ordinary
shareholders by the weighted average number of ordinary
shares outstanding during the year.
Year
Six months Six months to 31
to 30 to 30 March
Sept 2016 Sept 2015 2016
unaudited unaudited audited
GBP000 GBP000 GBP000
Net profit attributable to ordinary
shareholders 6,115 5,002 10,466
Number Number Number
'000 '000 '000
Weighted average share capital 19,590 19,399 19,493
Add: diluted effect of share
capital options issued 85 203 65
Weighted average share capital
for diluted earnings per ordinary
share calculation 19,675 19,602 19,558
----------- ----------- ---------
5. Net cash flow from operating activities
Six months Six months Year
to 30 to 30 to 31
Sept 2016 Sept 2015 March
unaudited unaudited 2016
audited
Profit before tax 7,660 6,259 12,876
Adjustment for finance income
and expenditure 176 202 365
Depreciation and amortisation 829 728 1,515
Profit on disposal of property,
plant and equipment (35) (38) (97)
Increase in inventories (1,662) (513) (1,497)
Increase in receivables (2,715) (3,399) (1,075)
Increase in payables 2,228 993 (480)
Own shares non cash amounts 97 (58) 302
Retirement benefits non cash
amounts 70 (148) (267)
Share-based payments non cash
amounts 17 29 62
------------ ----------- ---------
Cash generated from operations 6,665 4,055 11,704
------------ ----------- ---------
6. Copies of this statement will be posted on our
website, www.lathams.co.uk. A copy can be emailed
or posted upon application to the Company Secretary,
James Latham plc, Unit 3 Swallow Park, Finway Road
Hemel Hempstead, Herts, HP2 7QU, or by email to plc@lathams.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FEAFWDFMSEFF
(END) Dow Jones Newswires
November 24, 2016 02:00 ET (07:00 GMT)
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