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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 15.00 | 1.30% | 1,170.00 | 1,140.00 | 1,200.00 | 1,170.00 | 1,155.00 | 1,155.00 | 6,179 | 14:22:44 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Wood Products, Nec | 408.37M | 35.92M | 1.7849 | 6.55 | 235.44M |
From Apr 2019 to Apr 2024
TIDMLTHM
RNS Number : 9170X
Latham(James) PLC
30 November 2017
James Latham plc
("James Latham" or the "Company")
HALF YEARLY RESULTS FOR THE PERIODED 30 SEPTEMBER 2017
Chairman's statement
Unaudited results for the six months trading to 30 September 2017
Revenue for the six months ended 30 September 2017 was GBP107.3m, up 7% on GBP100.3m for the same period last year. We have seen volumes continue to grow especially through our own warehouses where they are up nearly 8%. The cost price of our products overall continues to increase in comparison to the comparative six months. This is in part down to the weakening of sterling following the European Union Referendum, but also in this six months we have seen manufacturers increasing prices, and we have not been able to pass all these increases onto our customers.
Gross margin for the six month period ended 30 September 2017 was 17.3% compared with 18.7% in the comparative six months. This gross margin is similar to the 17.6% achieved in the second half of 2016/7, and we believe margins are starting to stabilise. We were also affected in this half year by some disruption to supplies from some of our key suppliers' manufacturing facilities, which are now getting back to normal.
Selling and distribution costs were 6.4% higher than last year. Distribution costs rise in line with volumes, and we monitor costs per tonne which are up by less than 2%. We have also invested in new specialist sales staff to develop the markets where we see potential for good future growth.
In July we successfully completed the move of our Yate depot to a new modern facility. I am very grateful to all of the staff involved in the move, who were very effective at minimising the disruption to the business and I am pleased to report the new facility is already performing ahead of our expectations. In this half year we incurred approximately GBP100,000 of one off costs relating to the move.
Profit before tax was GBP6.7m, down 12.2% on the comparative period's profit of GBP7.7m. Earnings per ordinary share were 27.8p (2016: 31.2p) a decrease of 10.9%.
As at 30 September 2017 net assets have increased to GBP83.8m (30.9.16: GBP64.5m). Fixed assets have increased by GBP5.6m from 31 March 2017, the majority of this being the remaining cost of the new warehouse at Yate and the start of the investment in the new warehouse at Leicester. Stock levels have remained stable throughout the period. Trade Receivables have continued to show good debtors day figures with there being another low bad debt charge of under 0.15% of turnover in the first six months. Cash and cash equivalents of GBP12.6m (30.9.16: GBP16.1m), remain strong with strong cash flows from operating activities.
The calculation of the pension deficit remains very sensitive to changes in assumptions, and the pension deficit under IAS19 is now calculated as decreasing from GBP16.6m at 31 March 2017 to GBP8.5m. This is largely due to updated membership data and an increase in the discount rate. Positive asset performance and changes to the mortality base tables also reduced the net liability. The triennial actuarial valuation as at 31 March 2017 is currently being calculated.
Interim dividend
The Board has declared an interim dividend of 4.5p per Ordinary Share (2016: 4.5p), which is covered 6.2 times (2016: 6.9 times). The dividend is payable on 26 January 2018 to ordinary shareholders on the Company's Register at close of business on 5 January 2018. The ex-dividend date will be 4 January 2018.
Current and future trading
The second half of 2017/18 has started well with growing revenues at slightly higher margins. Trading conditions continue to be mixed, but despite the uncertainties in the economy, we and our customers remain busy. We are confident in the long term prospects of our key product drivers, and this underpins our plan to continue to invest in our business to further improve the offering to our customers. Following the successful relocation of our Yate depot, we are looking forward to a relocation of our Wigston depot to a site closer to the motorway network in Leicester ahead of schedule in January 2018.
Nick Latham
Chairman
30 November 2017
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
Nick Latham, Chairman
David Dunmow, Finance Director
Northland Capital Partners Tel: 020 3861 6625
Limited
Nominated Adviser and Broker
Matthew Johnson / Edward
Hutton (Corporate Finance)
Bob Pountney / John Howes
(Corporate Broking)
JAMES LATHAM PLC
CONSOLIDATED INCOME STATEMENT
For the six months to 30 September
2017
Six months Six months Year
to 30 to 30 to 31
Sept. Sept. March
2017 2016 2017
unaudited unaudited audited
GBP000 GBP000 GBP000
Revenue 107,335 100,334 198,808
Cost of sales (including warehouse
costs) (88,810) (81,582) (162,709)
Gross profit 18,525 18,752 36,099
Selling and distribution costs (8,391) (7,889) (15,457)
Administrative expenses (3,178) (3,027) (6,463)
Operating profit 6,956 7,836 14,179
Finance income 15 33 56
Finance costs (248) (209) (408)
Profit before tax 6,723 7,660 13,827
Tax expense (1,262) (1,545) (2,846)
Profit after tax attributable
to owners of the parent company 5,461 6,115 10,981
Earnings per ordinary share (basic) 27.8p 31.2p 56.0p
Earnings per ordinary share (diluted) 27.7p 31.1p 55.8p
======================================= =========== =========== ==========
All results relate to continuing
operations.
JAMES LATHAM PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
For the six months to 30 September
2017
Six months Six months Year
to 30 to 30 to 31
Sept. Sept. March
2017 2016 2017
unaudited unaudited audited
GBP000 GBP000 GBP000
------------------------------------------ ----------- ----------- ---------
Profit after tax 5,461 6,115 10,981
Other Comprehensive income
Actuarial gains/(losses) on defined
benefit pension scheme 8,515 (13,313) (7,543)
Deferred tax relating to components
of other comprehensive income (1,430) 2,396 1,362
------------------------------------------ ----------- ----------- ---------
Other comprehensive income for
the period, net of tax 7,085 (10,917) (6,181)
------------------------------------------ ----------- ----------- ---------
Total comprehensive income, attributable
to owners of the parent company 12,546 (4,802) 4,800
========================================== =========== =========== =========
JAMES LATHAM PLC
CONSOLIDATED BALANCE SHEET
At 30 September 2017
As at As at As at
30 Sept. 30 Sept. 31 March
2017 2016 2017
unaudited unaudited audited
GBP000 GBP000 GBP000
ASSETS
Non-current assets
Goodwill 237 237 237
Intangible assets 1 89 1
Property, plant and equipment 31,939 25,315 26,312
Deferred tax asset 1,546 4,245 2,904
Total non-current assets 33,723 29,886 29,454
Current assets
Inventories 35,915 35,065 35,508
Trade and other receivables 43,523 38,003 40,076
Cash and cash equivalents 12,585 16,102 17,246
Non-current assets held for sale 641 - -
------------------------------------------- ----------- ----------- ----------
Total current assets 92,664 89,170 92,830
Total assets 126,387 119,056 122,284
------------------------------------------- ----------- ----------- ----------
Current liabilities
Trade and other payables 28,961 25,730 27,063
Current tax payable 1,332 1,590 1,517
------------------------------------------- ----------- ----------- ----------
Total current liabilities 30,293 27,320 28,580
Non-current liabilities
Interest bearing loans and borrowings 987 987 987
Retirement and other benefit obligation 8,470 23,208 16,625
Other payables 320 377 349
Deferred tax liabilities 2,485 2,686 2,485
------------------------------------------- ----------- ----------- ----------
Total non-current liabilities 12,262 27,258 20,446
Total liabilities 42,555 54,578 49,026
Net assets 83,832 64,478 73,258
=========================================== =========== =========== ==========
Capital and reserves
Issued capital 5,040 5,040 5,040
Share-based payment reserve 153 70 108
Own shares (180) (344) (291)
Capital reserve 3 3 3
Retained earnings 78,816 59,709 68,398
------------------------------------------- ----------- ----------- ----------
Total equity attributable to shareholders
of the parent company 83,832 64,478 73,258
=========================================== =========== =========== ==========
JAMES LATHAM PLC
CONSOLIDATED CASH FLOW STATEMENT
For the six months to 30 September
2017
Six months Six months Year
to 30 to 30 to 31
Sept Sept March
2017 2016 2017
unaudited unaudited audited
GBP000 GBP000 GBP000
----------------------------------------- ----------- ----------- ---------
Net cash flow from operating activities
Cash generated from operations 6,155 6,665 11,902
Interest paid (2) (2) (2)
Income tax paid (1,517) (1,376) (2,646)
Net cash inflow from operating
activities 4,636 5,287 9,254
----------------------------------------- ----------- ----------- ---------
Cash flows from investing activities
Interest received and similar
income 15 33 56
Purchase of property, plant and
equipment (7,163) (4,035) (6,045)
Proceeds from sale of property,
plant and equipment 19 41 122
Net cash outflow from investing
activities (7,129) (3,961) (5,867)
----------------------------------------- ----------- ----------- ---------
Cash flows before financing activities
Equity dividends paid (2,129) (2,017) (2,894)
Preference dividend paid (39) (39) (79)
Net cash outflow from financing
activities (2,168) (2,056) (2,973)
----------------------------------------- ----------- ----------- ---------
(Decrease)/increase in cash and
cash equivalents for the period (4,661) (730) 414
=========================================
Cash and cash equivalents at beginning
of the period 17,246 16,832 16,832
Cash and cash equivalents at end
of the period 12,585 16,102 17,246
========================================= =========== =========== =========
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 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)
Transaction 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
Profit for the period - - - - 4,866 4,866
Other comprehensive
income:
Actuarial gain on defined
benefit pension scheme - - - - 5,770 5,770
Deferred tax relating
to components of other
comprehensive income - - - - (1,034) (1,034)
--------------------------- ------------- ----------------- ------------ ------------ ------------- ------------
Total comprehensive
income for the period - - - - 9,602 9,602
Transactions with owners:
Dividends - - - - (877) (877)
Exercise of options - (16) - - 16 -
Write down on conversions
of ESOP shares - - 52 - (52) -
Change in investment
in ESOP shares - - 1 - - 1
Share-based payment
expense - 54 - - - 54
--------------------------- ------------- ----------------- ------------ ------------ ------------- ------------
Total transactions with
owners - 38 53 - (913) (822)
--------------------------- ------------- ----------------- ------------ ------------ ------------- ------------
Balance at 31 March
2017 (audited) 5,040 108 (291) 3 68,398 73,258
Profit for the period - - - - 5,461 5,461
Other comprehensive
income:
Actuarial gain on defined
benefit pension scheme - - - - 8,515 8,515
Deferred tax relating
to components of other
comprehensive income - - - - (1,430) (1,430)
--------------------------- ------------- ----------------- ------------ ------------ ------------- ------------
Total comprehensive
income for the period - - - - 12,546 12,546
Transactions with owners:
Dividends - - - - (2,129) (2,129)
Exercise of options - (3) - - 3 -
Write down on conversions
of ESOP shares - - 2 - (2) -
Change in investment
in ESOP shares - - 109 - - 109
Share-based payment
expense - 48 - - - 48
--------------------------- ------------- ----------------- ------------ ------------ ------------- ------------
Total transactions with
owners - 45 111 - (2,128) (1,972)
--------------------------- ------------- ----------------- ------------ ------------ ------------- ------------
Balance at 30 September
2017 (unaudited) 5,040 153 (180) 3 78,816 83,832
=========================== ============= ================= ============ ============ ============= ============
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 2018 and
on the basis of the accounting policies to be used
in those financial statements. The figures for the
year ended 31 March 2017 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 (2017:
4.5p absorbing GBP880,000), payable on 26 January
2018 to shareholders on the Register at the close
of business on 5 January 2018. The ex-dividend date
is 4 January 2018.
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 2017 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 2017 Sept 2016 2017
unaudited unaudited audited
GBP000 GBP000 GBP000
Net profit attributable to ordinary
shareholders 5,461 6,115 10,981
Number Number Number
'000 '000 '000
Weighted average share capital 19,629 19,590 19,601
Add: diluted effect of share
capital options issued 108 85 82
Weighted average share capital
for diluted earnings per ordinary
share calculation 19,737 19,675 19,683
----------- ----------- ---------
5. Net cash flow from operating activities
Six months Six months Year
to 30 to 30 to 31
Sept 2017 Sept 2016 March
unaudited unaudited 2017
audited
Profit before tax 6,723 7,660 13,827
Adjustment for finance income
and expenditure 233 176 352
Depreciation and amortisation 885 829 1,822
Profit on disposal of property,
plant and equipment (9) (35) (95)
Write down of intangible asset - - 86
Increase in inventories (407) (1,662) (2,105)
Increase in receivables (3,447) (2,715) (4,788)
Increase in payables 1,867 2,228 3,536
Own shares non cash amounts 109 97 98
Retirement benefits non cash
amounts 153 70 (902)
Share-based payments non cash
amounts 48 17 71
------------ ----------- ---------
Cash generated from operations 6,155 6,665 11,902
------------ ----------- ---------
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 FEFEFUFWSEDF
(END) Dow Jones Newswires
November 30, 2017 02:01 ET (07:01 GMT)
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