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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 | 1,195.00 | 1,205.00 | 11,911 | 15:00:00 |
| 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 : 8304I
Latham(James) PLC
29 November 2018
James Latham plc
("James Latham" or the "Company")
HALF YEARLY RESULTS FOR THE PERIODED 30 SEPTEMBER 2018
Chairman's statement
Unaudited results for the six months trading to 30 September 2018
Revenue for the six months ended 30 September 2018 was GBP118.2m, up 10.2% on GBP107.3m for the same period last year. Volumes increased by 1.5%, mainly through an increase in direct business, and product prices increased by 7.8%, against the comparative six months. The remaining increase in revenue arose due to changing product mix, with increased sales of lower volume, higher priced products.
Gross margin for the six month period ended 30 September 2018 was 17.1% compared with 17.3% in the comparative six months, which is partly explained by the increase in direct business which is at a lower margin. This figure includes warehouse costs, which have increased by 4.9% due to the increased cost of operating from the two new depots at Yate and Leicester. Both relocated sites are performing well.
Selling and distribution costs were 3.4% higher than the comparative period last year. Transport costs per tonne have increased by 3.0%, where increased fuel costs have been partially offset by reduced external haulier costs.
Administrative expenses are higher than last year, mainly due to an increase in bad debts compared with a low charge in the comparative six months. Despite this increase in bad debts, total bad debts are still on budget.
Operating profit was GBP7.7m, up 10.0% on the comparative period's operating profit of GBP7.0m. Profit before tax of GBP8.7m (2017: GBP6.7m) includes a profit of GBP1.1m on the sale of our old Yate site. Earnings per ordinary share were 36.9p (2017: 27.8p) an increase of 32.7%.
As at 30 September 2018 net assets have increased to GBP98.6m (2017: GBP83.8m). Stock volume levels have remained stable throughout the six months. Trade Receivables have continued to show good debtors day figures. Cash and cash equivalents of GBP12.9m (2017: GBP12.6m), remain strong and we continue to take advantage of additional early settlement discount opportunities with our suppliers.
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 GBP8.4m at 31 March 2018 to GBP3.1m at 30 September 2018. This is largely due to positive asset performance and an increase in the discount rate. Following the finalisation of the triennial actuarial valuation as at 31 March 2017, the Company has agreed a recovery plan with the trustees of GBP2.0m per annum until 31 March 2024. Since the end of the half year, the High Court made a judgement confirming that pension schemes are required to equalise male and female Guaranteed Minimum Pensions. The effect of this decision is still being assessed by the Trustees, but is likely to increase the pension scheme liabilities by approximately GBP1m.
Interim dividend
The Board has declared an increased interim dividend of 5.0p per Ordinary Share (2017: 4.5p), which is covered 7.4 times (2017: 6.2 times). The dividend is payable on 25 January 2019 to ordinary shareholders on the Company's Register at close of business on 4 January 2019. The ex-dividend date will be 3 January 2019.
Current and future trading
The second half of 2018/19 has started well with revenues continuing to grow. Margins however are slightly down, with price rises being more difficult to absorb by the market. Our customers remain busy and are reporting good order books. The economic outlook though is affected by the uncertainty caused by the Brexit negotiations and we will not be immune to any slowdown in the UK economy. We have reviewed our key European suppliers and have put plans in place to hold more stocks for a period of time in the first half of 2019 in order to mitigate any supply issues over that period. We are continuing to invest in the business, with extensive racking projects started at our Purfleet and Thurrock depots, and the planned redevelopment of our Gateshead site in order to make the most efficient use of the space.
Nick Latham
Chairman
29 November 2018
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 Limited Tel: 020 3861 6625
Nominated Adviser and Broker
Matthew Johnson / Edward Hutton
(Corporate Finance)
Abigail Wayne / Rob Rees (Corporate
Broking)
JAMES LATHAM PLC
CONSOLIDATED INCOME STATEMENT
For the six months to 30 September 2018
Six months Six months Year to
to 30 Sept. to 30 Sept. 31 March
2018 unaudited 2017 unaudited 2018 audited
GBP000 GBP000 GBP000
Revenue 118,160 107,335 214,919
Cost of sales (including warehouse costs) (97,974) (88,810) (177,145)
Gross profit 20,186 18,525 37,774
Selling and distribution costs (8,679) (8,391) (16,277)
Administrative expenses (3,782) (3,178) (7,106)
Operating profit 7,725 6,956 14,391
Profit on disposal of property 1,052 - 1,276
Finance income 32 15 37
Finance costs (141) (248) (488)
Profit before tax 8,668 6,723 15,216
Tax expense (1,418) (1,262) (2,570)
Profit after tax attributable to owners
of the parent company 7,250 5,461 12,646
Earnings per ordinary share (basic) 36.9p 27.8p 64.4p
Earnings per ordinary share (diluted) 36.8p 27.7p 64.1p
============================================== ================ ================ ==============
All results relate to continuing operations.
JAMES LATHAM PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
For the six months to 30 September 2018
Six months Six months Year to
to 30 Sept. to 30 Sept. 31 March
2018 unaudited 2017 unaudited 2018 audited
GBP000 GBP000 GBP000
---------------------------------------------- ---------------- ---------------- --------------
Profit after tax 7,250 5,461 12,646
Other Comprehensive income
Actuarial gains on defined benefit pension
scheme 4,444 8,515 7,948
Deferred tax relating to components of other
comprehensive income (673) (1,430) (1,262)
---------------------------------------------- ---------------- ---------------- --------------
Other comprehensive income for the period,
net of tax 3,771 7,085 6,686
---------------------------------------------- ---------------- ---------------- --------------
Total comprehensive income, attributable
to owners of the parent company 11,021 12,546 19,332
============================================== ================ ================ ==============
JAMES LATHAM PLC
CONSOLIDATED BALANCE SHEET
At 30 September 2018
As at 30 As at 30 As at 31
Sept. 2018 Sept. 2017 March 2018
unaudited unaudited audited
GBP000 GBP000 GBP000
ASSETS
Non-current assets
Goodwill 237 237 237
Intangible assets 1 1 1
Property, plant and equipment 33,979 31,939 33,831
Deferred tax asset 582 1,546 1,491
Total non-current assets 34,799 33,723 35,560
Current assets
Inventories 41,462 35,915 40,068
Trade and other receivables 43,082 43,523 41,508
Cash and cash equivalents 12,864 12,585 13,989
Non-current assets held for sale - 641 638
------------------------------------------- ------------ ------------ ------------
Total current assets 97,408 92,664 96,203
Total assets 132,207 126,387 131,763
------------------------------------------- ------------ ------------ ------------
Current liabilities
Trade and other payables 25,743 28,961 28,648
Current tax payable 1,272 1,332 1,292
------------------------------------------- ------------ ------------ ------------
Total current liabilities 27,015 30,293 29,940
Non-current liabilities
Interest bearing loans and borrowings 987 987 987
Retirement and other benefit obligation 3,072 8,470 8,382
Other payables 262 320 291
Deferred tax liabilities 2,283 2,485 2,374
------------------------------------------- ------------ ------------ ------------
Total non-current liabilities 6,604 12,262 12,034
Total liabilities 33,619 42,555 41,974
Net assets 98,588 83,832 89,789
=========================================== ============ ============ ============
Capital and reserves
Issued capital 5,040 5,040 5,040
Share-based payment reserve 235 153 184
Own shares (423) (180) (529)
Capital reserve 3 3 3
Retained earnings 93,733 78,816 85,091
------------------------------------------- ------------ ------------ ------------
Total equity attributable to shareholders
of the parent company 98,588 83,832 89,789
=========================================== ============ ============ ============
JAMES LATHAM PLC
CONSOLIDATED CASH FLOW STATEMENT
For the six months to 30 September 2018
Six months Six months Year to
to 30 Sept to 30 Sept 31 March
2018 unaudited 2017 unaudited 2018 audited
GBP000 GBP000 GBP000
-------------------------------------------- ---------------- ---------------- --------------
Net cash flow from operating activities
Cash generated from operations 1,972 6,155 11,251
Interest paid (1) (2) (1)
Income tax paid (1,292) (1,517) (2,797)
Net cash inflow from operating activities 679 4,636 8,453
-------------------------------------------- ---------------- ---------------- --------------
Cash flows from investing activities
Interest received and similar income 32 15 37
Purchase of property, plant and equipment (1,136) (7,163) (10,840)
Proceeds from sale of property, plant and
equipment 1,718 19 2,186
Net cash inflow/(outflow) from investing
activities 614 (7,129) (8,617)
-------------------------------------------- ---------------- ---------------- --------------
Cash flows before financing activities
Equity dividends paid (2,379) (2,129) (3,014)
Preference dividend paid (39) (39) (79)
Net cash outflow from financing activities (2,418) (2,168) (3,093)
-------------------------------------------- ---------------- ---------------- --------------
Decrease in cash and cash equivalents for
the period (1,125) (4,661) (3,257)
============================================
Cash and cash equivalents at beginning of
the period 13,989 17,246 17,246
Cash and cash equivalents at end of the
period 12,864 12,585 13,989
============================================ ================ ================ ==============
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 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
Transaction with owners:
Dividends - - - - (2,129) (2,129)
Write down on conversion of
ESOP shares - - 2 - (2) -
Exercise of options - (3) - - 3 -
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
Profit for the period - - - - 7,185 7,185
Other comprehensive income:
Actuarial loss on defined
benefit
pension scheme - - - - (567) (567)
Deferred tax relating to
components
of other comprehensive income - - - - 168 168
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Total comprehensive income for
the period - - - - 6,786 6,786
Transactions with owners:
Dividends - - - - (885) (885)
Transfer of treasury shares - - (414) - 414 -
Exercise of options - (16) - - 16 -
Deferred tax on share options - - - - (43) (43)
Write down on conversions of
ESOP shares - - 13 - (13) -
Change in investment in ESOP
shares - - 52 - - 52
Share-based payment expense - 47 - - - 47
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Total transactions with owners - 31 (349) - (511) (829)
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Balance at 31 March 2018
(audited) 5,040 184 (529) 3 85,091 89,789
Profit for the period - - - - 7,250 7,250
Other comprehensive income:
Actuarial gain on defined
benefit
pension scheme - - - - 4,444 4,444
Deferred tax relating to
components
of other comprehensive income - - - - (673) (673)
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Total comprehensive income for
the period - - - - 11,021 11,021
Transactions with owners:
Dividends - - - - (2,379) (2,379)
Change in investment in ESOP
shares - - 106 - - 106
Share-based payment expense - 51 - - - 51
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Total transactions with owners - 51 106 - (2,379) (2,222)
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Balance at 30 September 2018
(unaudited) 5,040 235 (423) 3 93,733 98,588
================================= ============ ================ =========== =========== ============= ==========
JAMES LATHAM PLC
NOTES TO THE HALF YEARLY REPORT
1. The results presented in this report are unaudited and have been
prepared in accordance with the recognition and measurement requirements
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 2019 and on the basis of the accounting
policies to be used in those financial statements. The half yearly
report does not include all the information and disclosures required
in financial statements prepared in accordance with IFRS and should
be read in conjunction with the accounts for the year ended 31 March
2018. The figures for the year ended 31 March 2018 are extracted from
the statutory accounts of the group for that period.
The Group has adopted IFRS 15 - Revenue from Contracts with Customers
and IFRS 9 - Financial Instruments in the half yearly report, the
impact of which is set out below:
(i) IFRS 15 'Revenue from Contracts with Customers'
IFRS 15 - Revenue from Contracts with Customers establishes a comprehensive
framework for determining whether, how much and when revenue is recognised.
It has replaced existing revenue recognition guidance, including IAS
18 Revenue. IFRS 15 sets out the requirements for recognising revenue
from contracts with customers. The standard requires entities to apportion
revenue earned from contracts to individual promises, or performance
obligations, on a stand-alone selling price basis, based on a five-step
model (identification of contracts; performance obligations; transaction
prices; allocation of price to performance obligations; and recognition
of revenue). Revenue is recognised at an amount that reflects the
consideration to which an entity expects to be entitled in exchange
for transferring goods or services to a customer. It has replaced
existing revenue recognition guidance, including IAS 18 Revenue. IFRS
15 is effective for annual periods beginning on or after 1 January
2018.
(ii) IFRS 9 'Financial Instruments'
IFRS 9 'Financial Instruments' determines the basis of the financial
instrument and how a financial asset should be classified and measured.
It also provides a forward-looking expected losses impairment model
for financial assets, including trading receivables, and includes
amendments to classification and measurement of financial instruments.
It has replaced existing standard IAS 39 'Financial Instruments: Recognition
and Measurement'. IFRS 9 is effective for annual periods beginning
on or after 1 January 2018.
The directors have assessed the impact of the adoption IFRS 15 and
IFRS 9 and there has been no material impact on the financial statements
of the Group as a result of these standards coming into effect.
2. The directors propose an interim dividend of 5.0p per ordinary
share which will absorb GBP980,000 (2017: 4.5p absorbing GBP880,000),
payable on 25 January 2019 to shareholders on the Company's Register
at the close of business on 4 January 2019. The ex-dividend date is
3 January 2019.
3. This half yearly report does not constitute statutory financial
accounts within the meaning of section 434 of the Companies Act 2006.
The statutory accounts for the year ended 31 March 2018 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 to 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 period attributable to ordinary shareholders by the weighted
average number of ordinary shares outstanding during the period.
Six months Six months Year to
to 30 Sept to 30 Sept 31 March
2018 unaudited 2017 unaudited 2018 audited
GBP000 GBP000 GBP000
Net profit attributable to ordinary shareholders 7,250 5,461 12,646
Number '000 Number '000 Number
'000
Weighted average share capital 19,661 19,629 19,640
Add: diluted effect of share capital options
issued 41 108 85
Weighted average share capital for diluted
earnings per ordinary share calculation 19,702 19,737 19,725
---------------- ---------------- --------------
5. Net cash flow from operating activities
Six months Six months Year to
to 30 Sept to 30 Sept 31 March
2018 unaudited 2017 unaudited 2018 audited
GBP000 GBP000 GBP000
Profit before tax 8,668 6,723 15,216
Adjustment for finance income and expenditure 109 233 451
Depreciation and amortisation 970 885 1,941
Profit on disposal of property, plant
and equipment (1,062) (9) (1,444)
Increase in inventories (1,394) (407) (4,560)
Increase in receivables (1,574) (3,447) (1,432)
(Decrease)/increase in payables (2,935) 1,867 1,526
Own shares non cash amounts 106 109 161
Retirement benefits non cash amounts (967) 153 (703)
Share-based payments non cash amounts 51 48 95
---------------- ---------------- --------------
Cash generated from operations 1,972 6,155 11,251
---------------- ---------------- --------------
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 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
IR FEMFAAFASESF
(END) Dow Jones Newswires
November 29, 2018 02:00 ET (07:00 GMT)
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