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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Latham (james) Plc | LTHM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1,145.00 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,145.00 | 1,145.00 | 1,145.00 | 1,145.00 | 1,145.00 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 28/11/2024 | Interim | GBP | 0.0795 | 02/01/2025 | 03/01/2025 | 24/01/2025 |
| 27/06/2024 | Final | GBP | 0.26 | 01/08/2024 | 02/08/2024 | 23/08/2024 |
| 27/06/2024 | Special | GBP | 0.45 | 01/08/2024 | 02/08/2024 | 23/08/2024 |
| 30/11/2023 | Interim | GBP | 0.0775 | 04/01/2024 | 05/01/2024 | 26/01/2024 |
| 29/06/2023 | Special | GBP | 0.08 | 03/08/2023 | 04/08/2023 | 25/08/2023 |
| 29/06/2023 | Final | GBP | 0.208 | 03/08/2023 | 04/08/2023 | 25/08/2023 |
| 01/12/2022 | Interim | GBP | 0.0725 | 29/12/2022 | 30/12/2022 | 27/01/2023 |
| 29/06/2022 | Final | GBP | 0.19 | 04/08/2022 | 05/08/2022 | 02/09/2022 |
| 29/06/2022 | Special | GBP | 0.08 | 04/08/2022 | 05/08/2022 | 02/09/2022 |
| 25/11/2021 | Interim | GBP | 0.065 | 16/12/2021 | 17/12/2021 | 21/01/2022 |
| 24/06/2021 | Final | GBP | 0.155 | 05/08/2021 | 06/08/2021 | 27/08/2021 |
| 25/11/2020 | Interim | GBP | 0.057 | 31/12/2020 | 04/01/2021 | 29/01/2021 |
| Final | GBP | 0.1 | 06/08/2020 | 07/08/2020 | 04/09/2020 |
| Top Posts |
|---|
Posted at 19/6/2025 19:47 by c3479z1 results in a few days,pension bill in front of parliament presently may allow those whose scheme is in surplus, such as LTHM's, easier access to surplus funds if the bill becomes law. Not that LTHM requires access to spare cash and would have to bear in mind the volatile nature of pensions, for many years their scheme was showing a deficit. |
Posted at 11/4/2025 22:43 by c3479z1 profits likely to be down this year, market said to be competitive, competitor IDS and others went bust and its stock flooded the market, most probably no special dividend, African Sapele being dumped in the UK, birchwood supplies from Russia for plywood cut off, construction market and housebuilding showing no pick-up, illiquid stock, virtually no broker coverage, keeps a low profile,limited institutional interest, as a distributor unlikely ever to command a high multiple.BUT family owned, massive cash balance at over 30% of market cap, extremely conservatively valued assets and conservatively run,nationwide coverage extending to Southern Ireland, except northern Scotland and maybe the Hebrides, many freehold assets at historical valuations in the accounts, efficient warehousing and distribution, family ownership of over 50%, been in business for over 265 years, strong competitor and highly respected in the industry with numerous awards, Board pay restraint, no LTIP/ very limited share options, staff benevolently looked after. Very unlikely ever to face financial distress even in the deepest downturn. Therefore over a 10 year term likely to be a good return would be my guess. |
Posted at 31/3/2025 11:06 by c3479z1 Looks as though they are minded to 'invest in the business' ie build a new centrally located National Distribution Centre, ? Milton Keynes, east or west Midlands though there seems to be a gap in their coverage round Manchester/North West and London/ Home Counties/South East area might be underserved, rather than hand out a special dividend. |
Posted at 01/12/2024 22:26 by c3479z1 september 2024: Lthm wins timber trader of the year award in Timber Trades journal awards ceremony so it's won this award at least 12 times.also won the hardwood trader award, sponsor Hubtex the marketing award,sponsor combilift and the age 25+career development award sponsor Glennon bros, categories all at the same time, the last could be most significant in bringing on staff and retaining managers.. see timber trades journal for a beaming photo of Nick Latham collecting the main award. |
Posted at 28/11/2024 11:48 by c3479z1 would have thought there may still be room for an increased or special dividend, given the amount of cash in the balance sheet and cash generative nature of the business even when the market conditions are tougher but they may prefer to retain the cash to fund the national distribution centre to which they allude. Overall results as expected, outlook also and looks as though PE funds that moved into timber distribution are now running their businesses for cash,?do some of them wish to exit would be interested to learn who their competitor that's gone into administration is? |
Posted at 28/11/2024 08:20 by wad collector Well forget the special dividend idea; not much good in those HY numbers or outlook. Shame, all this years share price gains are disappearing as I type. |
Posted at 25/11/2024 21:44 by c3479z1 shares becalmed since the special divi,results Thursday, think they expect normalisation of trade at a subdued level, commentator elsewhere extolling the virtues of KGF balance sheet with about 2.7bn of freeholds prompted a quick look at Latham's. Not an accountant but this seems to show about 32m of freeholds which appear never to have been revalued and must be worth a lot more, as well as a mountain of cash even after the special divi was paid out, possibility of another special divi this year especially as some family members might wish to take more out of the company after the horrid budget IHT change? |
Posted at 31/7/2024 22:13 by wad collector Timber prices have been lower this year than last so far , at least for UK standing roundwood in our part of the world. Not sure quite how this impacts on LTHM given that it is buying ,selling, manufacturing and having to import. The supposed housebuilding boom will obviously help if it happens, but hard to run a business with volatile supply costs. I have no experience dealing with LTHM as they don't have a branch near us but I have concluded that it is much less hard work to make money riding the LTHM share price rise than working on plantations! Having watched the drought kill off thousands of our newly planted trees last summer , I am not sure it is that much more risky an investment either. |
Posted at 23/4/2024 13:53 by davebowler SP Angel research -Forecasts maintained: We are leaving our forecasts unchanged (FY24E PBT: £25.7m). We are forecasting a 6pp rise in the Group tax rate to 25% in FY24E but the impact of this on earnings is mostly offset by our projected rise in interest income to £2m. Our PBT forecast yields EPS of 96p in FY24E. Investment summary: Our PBT forecast represents a material decline from that delivered in FY23A of £44.5m but this merely represents a reversion to normal market conditions post COVID-19, a period in which the company was, in our view, over-earning from abnormal market conditions. The share price is now only 20% down from its 2022 peak of 1400p which arguably indicates that the market recognised at the time that trading conditions were unsustainable. The earnings base of the business, however, is materially higher than the pre-covid years of 2019-2021A (average PBT £16.5m over those three years). With a FY24E earnings multiple 12x, a modest discount to the overall market, c£71m of net cash and a sustainable dividend yield of 2.5%, we continue to rate the stock as Buy. Price Chart (p) Source: hl.co.uk Special Sits Research Simon Strong Simon.strong@spangel |
Posted at 07/12/2023 16:54 by davebowler SP Angel brokers-Other side of the hump. As market conditions have normalised, so too has LTHM’s earnings base. Operating margins have reduced now to a sustainable level and one from which the Group’s strategy of widening and increasing throughput can have a beneficial impact. Current markets conditions In H2E have stabilised and the Group’s increasing market share in lower value products is helping to offset any cyclical risk. We are Buyers. Key Highlights: ▪ Normalised returns. Group revenues reduced 11% YoY to £190.9m in H1A reflecting a high proportion of lower value products in the sales mix and more a competitive pricing environment. Volumes of business were largely unchanged YoY. ▪ Input prices falling. The price of both timber and panel products have seen prices fall in the first half of FY24E but the rate of decline is now slowing. Gross margins declined 260bp YoY to 16.8% reflecting the change in business mix and pricing environment. ▪ Overheads unchanged. Notably, overheads were down YoY despite the current inflationary environment. Combined sales, distribution costs and admin expenses declined 1.3% YoY to £17.6m. Interim operating profit fell 36% YoY to £14.5m, reflecting the reduced revenue profile and softer gross margins, leaving operating margins in H1A at 7.6% (versus 11% in the prior period). Finance income rose materially to £2.1m reflecting a higher deposit rate environment. Diluted EPS of 61.4p fell 35% in line with the decline in operating earnings. The interim dividend has been increased to 7.75p (+7% YoY). ▪ Strong balance sheet. Free cash flow in H1A amounted to £9.1m (FCF margin: 4.8%) leaving net cash closed at £66m (+5% YoY) as at September, equivalent to 330p per share. The Group pension scheme is now in surplus (£11.2m, +55% YoY) and the company will now cease its annual deficit funding of £3m pa. Forecasts maintained: We are leaving our forecasts unchanged (FY24E PBT: £25.7m). This figure is net of a small reduction in forecast gross margin to 17.0% (from 17.5%) but an upgrade in net interest income to £2.0m which allows for some working capital absorption in H2E. Post tax profits in H1A of £12.4m cover 65% of our full year forecast which we feel is conservative given the traditional low seasonality of the business (2023 H1A revenues 55% of total). Trading outlook: Current trading in H2E reflects market conditions similar to those seen in H1A i.e. both input and output prices, together with volumes, largely unchanged. Project deferrals rather than cancellations are a feature of UK market conditions but LTHM has been increasing its market share in lower value products to help offset this risk. The market remains competitive with European manufacturers exporting more to the UK which is seen to be having more robust trading conditions. Competitive environment: The UK market has seen some consolidation activity with PE acquiring comparable businesses to LTHM which has introduced some pricing volatility. LTHM however remains a very material player with c15% market share in the UK is well positioned with its strong balance sheet to benefit from any niche consolidation opportunities which may arise. Investment summary: The boom period seen in fiscal 2022/3 has now eased into what may be regarded as more normalised market conditions. The earnings base of the business in FY24E and beyond is best placed in the context of that generated in the years prior to COVID-19. The years 2018-2021A generated average net income of £13.1m and so our forecast of £19.3m in FY24E therefore represents a meaningful long-term improvement over the returns generated historically. Equally we can reasonably expect a gross margin profile to return to historical averages of around 17.5%. Management has a worthy organic growth strategy of widening the product base flowing through its distribution centres and increasing throughput. With net cash equivalent to around a third of the current share price, the stock trading on a FY24E earnings multiple of 11x with a highly sustainable dividend yield of 2.6% (with 3x cover), and the earnings multiple trading at a c25% discount to the AIM index (preextraordinary items), we are Buyers. |
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