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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% | 1,155.00 | 1,130.00 | 1,180.00 | 1,155.00 | 1,155.00 | 1,155.00 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Wood Products, Nec | 408.37M | 35.92M | 1.7849 | 6.47 | 232.42M |
From Apr 2019 to Apr 2024
TIDMLTHM
RNS Number : 8187S
Latham(James) PLC
28 June 2018
James Latham PLC
("James Latham" or the "Group")
Final Results
Chairman's statement
I am pleased to report good trading results for the financial year to 31 March 2018.
Revenue for the financial year to 31 March 2018 was GBP214.9m, up 8.1% on last year's GBP198.8m. We have seen volumes continue to grow, especially through our own warehouses where they are up 4.5%. The cost price of our products have increased in comparison to the previous twelve months. This is in part down to the weakening of sterling against the Euro, but also we have seen manufacturers continuing to increase their prices.
Gross margin for the financial year to 31 March 2018 was 17.6% compared with 18.2% in the previous financial year. It was particularly pleasing to see an improvement in the gross margin in the second half of the year, which was 17.9% compared with 17.3% in the first half of the year.
Selling and distribution costs were 5.3% higher than last year. Distribution costs rise in line with volumes, and we monitor costs per delivered tonne which are up by 2.3%.
Overheads have been well controlled when we consider that we have relocated both Yate and Leicester (Wigston) sites during the year. We have successfully minimised the relocation costs and double costs of owning two empty sites, which have cost us less than GBP150,000. Both sites are performing extremely well since their relocation, particularly in added value products where the new racking systems have allowed us to increase our stock range.
Profit before tax is GBP15.2m, up GBP1.4m on last year's GBP13.8m. This includes a profit of GBP1.3m on the sale of our Wigston site.
Post tax profit for the year is GBP12.6m, up from last year's GBP11.0m.
Earnings per ordinary share were 64.4p (2017: 56.0p) an increase of 15.0%.
As at 31 March 2018 net assets have increased to GBP89.8m (2017: GBP73.3m). Non-current assets have increased by GBP6.1m from 31 March 2017, with the investment in the two new sites as well as continuing investment in our vehicle fleet and warehouse forklifts. Inventory levels have increased to GBP40.1m, partly due to the increase in unit cost of the stock as well as an increase in volumes. Trade Receivables have continued to show good debtors day figures with there being another low bad debt charge of under 0.15% of revenue. Cash and cash equivalents of GBP14.0m (2017: GBP17.2m), remain strong with good cash flows from operating activities.
Pension Scheme
The company and the Trustees of the James Latham plc Pension and Assurance Scheme have approved the triennial valuation dated 31 March 2017 with the scheme actuary. This valuation shows a shortfall of assets of GBP12.1m compared to a shortfall of GBP1.5m in the previous valuation dated 31 March 2014. The company has agreed a recovery plan with the trustees of GBP2.0m per annum until 31 March 2024.
At 31 March 2018 the deficit of the defined benefit scheme under IAS19 (revised) was GBP8.4m, down GBP8.2m compared with GBP16.6m last year. The calculation of the pension deficit remains very sensitive to changes in assumptions.
Final dividend
The Board has declared a final dividend of 12.1p per Ordinary Share (2017: 10.85p). The dividend is payable on 24 August 2018 to ordinary shareholders on the company's register at close of business on 3 August 2018. The ex-dividend date will be 2 August 2018.
The total dividend per ordinary share of 16.6p for the year (2017: 15.35p) is covered 3.9 times by earnings (2017: 3.6 times).
Current and future trading
This year has started well with sales per working day 9.8% higher for April and May than the corresponding period last year. Margins are very slightly lower than the second half of 2017/8. We are seeing growth in sales of added value timber and panel products from our decision to invest in specialist sales staff last year, although volume growth in our core products is proving more challenging. Despite the strong start to the year, there is increasing uncertainty surrounding the economic outlook, but we remain confident that we are in a strong position to continue to grow the business.
Development Strategy
The directors will continue to develop the business. This will be done by a combination of investing in our current warehouse facilities, with the emphasis this year on Purfleet, Thurrock and Gateshead, and further extending our hours of operation. We are also looking at geographical growth, and focusing on developing sales of our key product areas. In addition to our showroom at the Business Design Centre in Islington, we are in the process of opening a design centre in Manchester as we continue to focus our efforts in the A&D specification sector.
Nick Latham
Chairman
27 June 2018
Enquiries
James Latham plc Tel: 01442 849 100 Nick Latham, Chairman David Dunmow, Finance Director Northland Capital Partners Limited Tel: 0203 861 6625 Nominated Adviser and Broker Matthew Johnson / Edward Hutton John Howes
JAMES LATHAM PLC
CONSOLIDATED INCOME STATEMENT
For the year to 31 March 2018
Hot Features
Premium
Audited Audited
--------------------------------------- ----------------- -----------------
Year to 31 March Year to 31 March
2018 2017
--------------------------------------- ----------------- -----------------
GBP000 GBP000
--------------------------------------- ----------------- -----------------
Revenue 214,919 198,808
Cost of sales (including warehouse
costs) (177,145) (162,709)
--------------------------------------- ----------------- -----------------
Gross profit 37,774 36,099
Selling and distribution costs (16,277) (15,457)
Administrative expenses (7,106) (6,463)
Operating Profit 14,391 14,179
Profit on disposal of property 1,276 -
Finance income 37 56
Finance costs (488) (408)
--------------------------------------- ----------------- -----------------
Profit before tax 15,216 13,827
Tax expense (2,570) (2,846)
--------------------------------------- ----------------- -----------------
Profit after tax attributable
to owners of the parent company 12,646 10,981
======================================= ================= =================
Earnings per ordinary share (basic) 64.4p 56.0p
======================================= ================= =================
Earnings per ordinary share (diluted) 64.1p 55.8p
======================================= ================= =================
All results relate to continuing operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year to 31 March 2018
Audited Audited
------------------------------------------ ---------- --------
2018 2017
------------------------------------------ ---------- --------
GBP000 GBP000
------------------------------------------ ---------- --------
Profit after tax attributable to owners
of the parent company 12,646 10,981
Other comprehensive income
Actuarial gain/(loss) on defined benefit
pension scheme 7,948 (7,543)
Deferred tax relating to components
of other comprehensive income (1,262) 1,358
------------------------------------------ ---------- --------
Other comprehensive income for the year,
net of tax 6,686 (6,185)
------------------------------------------ ---------- --------
Total comprehensive income attributable
to owners of the parent company 19,332 4,796
========================================== ========== ========
JAMES LATHAM PLC COMPANY REGISTRATION NUMBER 65619
CONSOLIDATED BALANCE SHEET
At 31 March 2018
Audited Audited
--------------------------------------- --------- ---------
2018 2017
--------------------------------------- --------- ---------
GBP000 GBP000
--------------------------------------- --------- ---------
Assets
Non-current assets
Goodwill 237 237
Other intangible assets 1 1
Property, plant and equipment 33,831 26,312
Deferred tax asset 1,491 2,904
Total non-current assets 35,560 29,454
Current assets
Inventories 40,068 35,508
Trade and other receivables 41,508 40,076
Cash and cash equivalents 13,989 17,246
Assets held for sale 638 -
Total current assets 96,203 92,830
--------------------------------------- --------- ---------
Total assets 131,763 122,284
--------------------------------------- --------- ---------
Current liabilities
Trade and other payables 28,648 27,063 Tax payable 1,292 1,517 --------------------------------------- --------- --------- Total current liabilities 29,940 28,580 Non-current liabilities Interest bearing loans and borrowings 987 987 Retirement and other benefit obligation 8,382 16,625 Other payables 291 349 Deferred tax liabilities 2,374 2,485 --------------------------------------- --------- --------- Total non-current liabilities 12,034 20,446 --------------------------------------- --------- Total liabilities 41,974 49,026 --------------------------------------- --------- --------- Net assets 89,789 73,258 ======================================= ========= ========= Capital and reserves Issued capital 5,040 5,040 Share-based payment reserve 184 108 Own shares (529) (291) Capital reserve 3 3 Retained earnings 85,091 68,398 --------------------------------------- --------- --------- Total equity attributable to equity shareholders of the parent company 89,789 73,258 ======================================= ========= =========
The Company's profit for the year and total comprehensive income for the year were GBP1,481,000 (2017: GBP1,266,000) and GBP1,481,000 (2017: GBP1,266,000) respectively.
JAMES LATHAM PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to the owners of the parent company
Share-based
payment
Issued reserve Own shares Capital Retained Total
capital reserve earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April
2016 - audited 5,040 56 (441) 3 66,525 71,183
Profit for the year - - - - 10,981 10,981
Other comprehensive
income:
Actuarial loss on
defined benefit pension
scheme - - - - (7,543) (7,543)
Deferred tax relating
to components of other
comprehensive income - - - - 1,358 1,358
---------- ------------ ------------- ---------- ----------- ---------
Total comprehensive
income for the year - - - - 4,796 4,796
Transactions with
owners:
Dividends - - - - (2,894) (2,894)
Write down on conversion
of ESOP shares - - 52 - (52) -
Exercise of options - (19) - - 19 -
Deferred tax on share
options - - - - 4 4
Change in investment
in ESOP shares - - 98 - - 98
Share-based payment
expense - 71 - - - 71
---------- ------------ ------------- ---------- ----------- ---------
Total transactions
with owners - 52 150 - (2,923) (2,721)
Balance at 31 March
2017 - audited 5,040 108 (291) 3 68,398 73,258
Profit for the year - - - - 12,646 12,646
Other comprehensive
income:
Actuarial gain on
defined benefit pension
scheme - - - - 7,948 7,948
Deferred tax relating
to components of other
comprehensive income - - - - (1,262) (1,262)
---------- ------------ ------------- ---------- ----------- ---------
Total comprehensive
income for the year - - - - 19,332 19,332
Transactions with
owners:
Dividends - - - - (3,014) (3,014)
Exercise of options - (19) - - 19 -
Transfer of treasury
shares - - (414) - 414 -
Deferred tax on share
options - - - - (43) (43)
Write down on conversion
of ESOP shares - - 15 - (15) -
Change in investment
in ESOP shares - - 161 - - 161
Share-based payment
expense - 95 - - - 95
---------- ------------ ------------- ---------- ----------- ---------
Total transactions
with owners - 76 (238) - (2,639) (2,801)
Balance at 31 March
2018 - audited 5,040 184 (529) 3 85,091 89,789
========== ============ ============= ========== =========== =========
JAMES LATHAM PLC
CONSOLIDATED CASH FLOW STATEMENT
For the year to 31 March 2018
Audited Audited
-------------------------------------- --------- --------
2018 2017
-------------------------------------- --------- --------
GBP000 GBP000
-------------------------------------- --------- --------
Net cash flow from operating
activities
Cash generated from operations 11,251 11,902
Interest paid (1) (2)
Income tax paid (2,797) (2,646)
-------------------------------------- --------- --------
Net cash inflow from operating
activities 8,453 9,254
-------------------------------------- --------- --------
Cash flows from investing activities
Interest received and similar
income 37 56
Purchase of property, plant
and equipment (10,840) (6,045)
Proceeds from sale of property,
plant and equipment 2,186 122
Net cash outflow from investing
activities (8,617) (5,867)
-------------------------------------- --------- --------
Cash flows from financing activities
Equity dividends paid (3,014) (2,894)
Preference dividend paid (79) (79)
Net cash outflow from financing
activities (3,093) (2,973)
-------------------------------------- --------- --------
(Decrease)/increase in cash
and cash equivalents for the
year (3,257) 414
====================================== ========= ========
Cash and cash equivalents at
beginning of the year 17,246 16,832
-------------------------------------- --------- --------
Cash and cash equivalents at
end of the year 13,989 17,246
====================================== ========= ========
JAMES LATHAM PLC
Notes to the audited preliminary financial information
1. The preliminary financial information presented in this report is audited and has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards ('IFRS') as adopted by the EU set out in the Group accounts for the years ended 31 March 2017 and 31 March 2018, and does not contain all the information to be disclosed in financial statements prepared in accordance with IFRS.
2. The directors propose a final dividend of 12.1p per ordinary share, which will absorb GBP2,379,000 (2017: 10.85p absorbing GBP2,127,000), payable on 24 August 2018 to shareholders on the Register at the close of business on 3 August 2018. The ex-dividend date is 2 August 2018.
The figures for the year ended 31 March 2018 and as at 31 March 2018 have been extracted from the audited statutory accounts for that year, which have yet to be delivered to the Registrar of Companies and which have been prepared in accordance with IFRS as adopted by the EU and those parts of the Companies Act 2006 that remain applicable to companies reporting under IFRS. The preliminary financial information does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006, and does not contain all the information required to be disclosed in a full set of IFRS financial statements.
Statutory accounts for the year ended 31 March 2018 will be delivered to the Registrar of Companies and sent to Shareholders shortly. The Annual Report and Accounts may also be viewed in due course on James Latham plc's website at www.lathams.co.uk
The audit report on the statutory financial statements for the year ended 31 March 2018 is unqualified and does not include reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and does not contain any statement under Section 498(2) or (3) of the Companies Act 2006.
Statutory accounts for the year ended 31 March 2017 have been filed with the Registrar of Companies. The auditor's report on those accounts was unqualified and did not include reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under section 498(2) and (3) of the Companies Act 2006.
3. This announcement was approved and authorised for issue by the Board of Directors on 27 June 2018.
4. Net cash flow from operating activities
Year to Year to 31
31 March March 2017
2018 audited audited
GBP000 GBP000
Profit before tax 15,216 13,827
Adjustment for finance income and cost 451 352
Depreciation, amortisation and impairment 1,941 1,822
Profit on disposal of property, plant
and equipment (1,444) (95)
Write down of intangible asset - 86
Increase in inventories (4,560) (2,105)
Increase in receivables (1,432) (4,788)
Increase in payables 1,526 3,536
Retirement benefits non cash amounts (703) (902)
Share-based payments non cash amounts 95 71
Own shares non cash amounts 161 98
------------------- ------------
Cash generated from operations 11,251 11,902
------------------- ------------
5. The Annual General Meeting of James Latham plc will be held at Unit 1 Swallow Park, Finway Road, Hemel Hempstead, Herts, HP2 7QU on 22 August 2018 at 12.30pm.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
June 28, 2018 02:00 ET (06:00 GMT)
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