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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% | 1,160.00 | 1,130.00 | 1,190.00 | 1,160.00 | 1,160.00 | 1,160.00 | 153 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Wood Products, Nec | 408.37M | 35.92M | 1.7849 | 6.50 | 233.43M |
TIDMLTHM
RNS Number : 9021U
Latham(James) PLC
28 November 2019
James Latham plc
("James Latham" or the "Company")
HALF YEARLY RESULTS FOR THE PERIODED 30 SEPTEMBER 2019
Chairman's statement
Unaudited results for the six months trading to 30 September 2019
Revenue for the six months ended 30 September 2019 was GBP125.6m, up 6.3% on GBP118.2m for the same period last year. This turnover increase is down to our long term strategic changes in product mix, as overall volumes have been static. The panel product business has seen an increase in delivered volumes through our warehouses, but a reduction in our direct volumes. Our timber business has also seen an increase in delivered volumes especially on added value products. Prices have decreased on most of our commodity panel products throughout this six month period although timber prices have remained stable.
Gross margin for the six month period ended 30 September 2019 was 17.4% compared with 17.1% in the comparative six months. This figure includes warehouse costs which are higher due to the increased volumes through our warehouses, and also part of our strategy to increase the working hours in order to better meet our customer needs. Three of our depots are now working 24 hours/5 days a week. The increased delivered volumes have also resulted in an increase in distribution costs. Administrative expenses though are lower than last year, with a reduction in the bad debt charge.
Operating profit was GBP8.5m, up 9.6% on last year's profit of GBP7.7m. Profit before tax was GBP8.3m compared with GBP8.7m in the comparative six months which included a profit of GBP1.1m on the sale of our old Yate site. Earnings per ordinary share, excluding the profit on the sale of Yate were 33.8p (2018: 31.5p) an increase of 7.3%.
As at 30 September 2019 net assets are GBP97.6m (2018: GBP98.6m). We have adopted IFRS 16 on leasing in these results, which has had an insignificant effect on profit before tax and these changes are explained in note 6 to this statement. Stock volume levels have remained stable throughout the six months. Trade Receivables have continued to show good debtor days figures. Cash and cash equivalents of GBP16.5m (2018: GBP12.9m) 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 calculated as increasing from GBP8.7m at 31 March 2019 to GBP14.6m at 30 September 2019. This is largely due to a reduction in the discount rate.
Interim dividend
The Board has declared an increased interim dividend of 5.5p per Ordinary Share (2018: 5.0p), which is covered 6.1 times (2018: 7.4 times). The dividend is payable on 24 January 2020 to ordinary shareholders on the Company's Register at close of business on 3 January 2020. The ex-dividend date will be 2 January 2020.
Current and future trading
The second half of 2019/20 has started well with margins slightly ahead of the previous period. We are seeing increased sales at Abbey Woods, the Irish timber distributor purchased in February 2019, and also an improvement in our panel product volumes. Purchase prices of our commodity panel products remain weak. The investment in our Gateshead facility, to improve the site efficiency, is going well, and should be completed in June 2020. The racking investment at Purfleet will be completed by the end of December 2019. The majority of our customers are busy, and we remain confident that we can continue to grow our business, but remain mindful of the uncertainties caused by the forthcoming General Election and a weakening global economy.
I am also very pleased to have reported this week the strategic purchase of Dresser Mouldings for GBP1 million, which will allow us to continue to grow our sales of added value timber.
Nick Latham
Chairman
28 November 2019
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
For further information please visit www.lathams.co.uk or contact:
James Latham plc Tel: 01442 849 100 Nick Latham, Chairman David Dunmow, Finance Director SP Angel Corporate Finance LLP Matthew Johnson / Charlie Tel: 0203 470 Bouverat (Corporate Finance) 0470 Abigail Wayne (Corporate Broking) JAMES LATHAM PLC CONSOLIDATED INCOME STATEMENT For the six months to 30 September 2019 Six months Six months Year to to 30 Sept. to 30 Sept. 31 March 2019 unaudited 2018 unaudited 2019 audited GBP000 GBP000 GBP000 Revenue 125,609 118,160 235,132 Cost of sales (including warehouse costs) (103,726) (97,974) (194,686) Gross profit 21,883 20,186 40,446 Selling and distribution costs (9,703) (8,679) (18,082) Administrative expenses (3,712) (3,782) (7,896) Operating profit 8,468 7,725 14,468 Profit on disposal of property - 1,052 1,052 Finance income 46 32 71 Finance costs (198) (141) (256) Profit before tax 8,316 8,668 15,335 Tax expense (1,630) (1,418) (2,913) Profit after tax attributable to owners of the parent company 6,686 7,250 12,422 Earnings per ordinary share (basic) 33.8p 36.9p 63.1p Earnings per ordinary share (diluted) 33.8p 36.8p 63.0p ================================================= ================ ================ ============== Earnings per ordinary share (basic, excluding profit on disposal of property) 33.8p 31.5p 61.6p Earnings per ordinary share (diluted, excluding profit on disposal of property) 33.8p 31.5p 61.5p ================================================= ================ ================ ============== All results relate to continuing operations. JAMES LATHAM PLC CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months to 30 September 2019 Six months Six months Year to to 30 Sept. to 30 Sept. 31 March 2019 unaudited 2018 unaudited 2019 audited GBP000 GBP000 GBP000 ---------------------------------------------- ---------------- ---------------- -------------- Profit after tax 6,686 7,250 12,422 Other Comprehensive income Actuarial (loss)/gains on defined benefit pension scheme (6,767) 4,444 (1,360) Deferred tax relating to components of other comprehensive income 1,150 (673) 314 Foreign translation credit/(charge) 12 - (31) ---------------------------------------------- ---------------- ---------------- -------------- Other comprehensive income for the period, net of tax (5,605) 3,771 (1,077) ---------------------------------------------- ---------------- ---------------- -------------- Total comprehensive income, attributable to owners of the parent company 1,081 11,021 11,345 ============================================== ================ ================ ============== JAMES LATHAM PLC CONSOLIDATED BALANCE SHEET At 30 September 2019 As at 30 As at 30 As at 31 Sept. 2019 Sept. 2018 March 2019 unaudited unaudited audited GBP000 GBP000 GBP000 ASSETS Non-current assets Goodwill 523 237 523 Intangible assets 1,905 1 1,989 Property, plant and equipment 34,581 33,979 34,159 Right-of-use-asset 4,344 - - Deferred tax asset 2,560 582 1,577 Total non-current assets 43,913 34,799 38,248 Current assets Inventories 42,501 41,462 42,350 Trade and other receivables 45,697 43,082 42,613 Cash and cash equivalents 16,538 12,864 15,541 Total current assets 104,736 97,408 100,504
Total assets 148,649 132,207 138,752 ------------------------------------------- ------------ ------------ ------------ Current liabilities Lease liabilities 1,143 - - Trade and other payables 28,321 25,743 27,113 Current tax payable 86 1,272 1,193 ------------------------------------------- ------------ ------------ ------------ Total current liabilities 29,550 27,015 28,306 Non-current liabilities Interest bearing loans and borrowings 592 987 597 Lease liabilities 3,252 - - Retirement and other benefit obligation 14,637 3,072 8,714 Other payables 180 262 413 Deferred tax liabilities 2,856 2,283 2,762 ------------------------------------------- ------------ ------------ ------------ Total non-current liabilities 21,517 6,604 12,486 Total liabilities 51,067 33,619 40,792 Net assets 97,582 98,588 97,960 =========================================== ============ ============ ============ Capital and reserves Issued capital 5,040 5,040 5,430 Share-based payment reserve 89 235 259 Own shares (891) (423) (923) Capital reserve 398 3 3 Retained earnings 92,946 93,733 93,191 ------------------------------------------- ------------ ------------ ------------ Total equity attributable to shareholders of the parent company 97,582 98,588 97,960 =========================================== ============ ============ ============ JAMES LATHAM PLC CONSOLIDATED CASH FLOW STATEMENT For the six months to 30 September 2019 Six months Six months Year to to 30 Sept to 30 Sept 31 March 2019 unaudited 2018 unaudited 2019 audited GBP000 GBP000 GBP000 -------------------------------------------------- ---------------- ---------------- -------------- Net cash flow from operating activities Cash generated from operations 7,468 1,972 10,267 Interest paid (3) (1) (8) Income tax paid (2,552) (1,292) (2,651) Net cash inflow from operating activities 4,913 679 7,608 -------------------------------------------------- ---------------- ---------------- -------------- Cash flows from investing activities Interest received and similar income 46 32 71 Acquisition of businesses net of cash acquired - - (1,604) Purchase of property, plant and equipment (1,512) (1,136) (2,362) Proceeds from sale of property, plant and equipment 119 1,718 1,743 Net cash (outflow)/inflow from investing activities (1,347) 614 (2,152) -------------------------------------------------- ---------------- ---------------- -------------- Cash flows before financing activities Purchase of treasury shares (5) - (478) Equity dividends paid (2,540) (2,379) (3,363) Preference dividend paid (24) (39) (63) Cash outflow from financing activities (2,569) (2,418) (3,904) -------------------------------------------------- ---------------- ---------------- -------------- Increase/(decrease) in cash and cash equivalents for the period 997 (1,125) 1,552 ================================================== Cash and cash equivalents at beginning of the period 15,541 13,989 13,989 Cash and cash equivalents at end of the period 16,538 12,864 15,541 ================================================== ================ ================ ============== 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 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 Transaction with owners: Dividends - - - - (2,379) (2,379) Exercise of options - - - - - - 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 Profit for the period - - - - 5,172 5,172 Other comprehensive income: Actuarial loss on defined benefit pension scheme - - - - (5,804) (5,804) Deferred tax relating to components of other comprehensive income - - - - 987 987 Foreign translation charge - - - - (31) (31) --------------------------------- ------------ ---------------- ----------- ----------- ------------- ---------- Total comprehensive income for the period - - - - 324 324 Transactions with owners: Dividends - - - - (984) (984) Transfer of treasury shares - - (82) - 82 - Exercise of options - (19) 54 - 19 54 Deferred tax on share options - - - - 31 31 Write down on conversions of ESOP shares - - 14 - (14) - Purchase of preference shares 390 - (478) - - (88) Change in investment in ESOP shares - - (8) - - (8) Share-based payment expense - 43 - - - 43 --------------------------------- ------------ ---------------- ----------- ----------- ------------- ---------- Total transactions with owners - 24 (500) - (866) (952)
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ---------- Balance at 31 March 2019 (audited) 5,430 259 (923) 3 93,191 97,960 Change in accounting policy (IFRS16) - - - - 262 262 Deferred tax on IFRS 16 - - - - (45) (45) --------------------------------- ------------ ---------------- ----------- ----------- ------------- ---------- As at 1 April 2019 (as restated) 5,430 259 (923) 3 93,408 98,177 Profit for the period - - - - 6,686 6,686 Other comprehensive income: Actuarial gain on defined benefit pension scheme - - - - (6,767) (6,767) Deferred tax relating to components of other comprehensive income - - - - 1,150 1,150 Foreign translation charge - - - - 12 12 Total comprehensive income for the period - - - - 1,081 1,081 Transactions with owners: Dividends - - - - (2,540) (2,540) Transfer of treasury shares - - (1,668) - 1,668 - Exercise of options - (213) 779 - 213 779 Deferred tax on share options - - - - (32) (32) Write down on conversions of ESOP shares - - 369 - (369) - Purchase of preference shares 5 - - - (5) - Cancellation of preference shares (395) - 478 395 (478) - Change in investment in ESOP shares - - 74 - - 74 Share-based payment expense - 43 - - - 43 --------------------------------- ------------ ---------------- ----------- ----------- ------------- ---------- Total transactions with owners (390) (170) 32 395 (1,543) (1,676) --------------------------------- ------------ ---------------- ----------- ----------- ------------- ---------- Balance at 30 September 2019 (unaudited) 5,040 89 (891) 398 92,946 97,582 ================================= ============ ================ =========== =========== ============= ========== 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 principles of International Financial Reporting Standards ('IFRS') as adopted by the EU and on the basis of the accounting policies expected to be used in the financial statements for the year ending 31 March 2020. The figures for the year ended 31 March 2019 are extracted from the statutory accounts of the group for that period. 2. The directors propose an interim dividend of 5.5p per ordinary share which will absorb GBP1,085,000 (2018: 5.0p absorbing GBP980,000), payable on 24 January 2020 to shareholders on the Company's Register at the close of business on 3 January 2020. The ex-dividend date is 2 January 2020. 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 2019 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 2019 unaudited 2018 unaudited 2019 audited GBP000 GBP000 GBP000 Net profit attributable to ordinary shareholders 6,686 7,250 12,422 Number '000 Number '000 Number '000 Weighted average share capital 19,759 19,661 19,674 Add: diluted effect of share capital options issued 33 41 28 Weighted average share capital for diluted earnings per ordinary share calculation 19,792 19,702 19,702 ---------------- ---------------- -------------- 5. Net cash flow from operating activities Six months Six months Year to to 30 Sept to 30 Sept 31 March 2019 unaudited 2018 unaudited 2019 audited GBP000 GBP000 GBP000 Profit before tax 8,316 8,668 15,335 Adjustment for finance income and expenditure 152 109 185 Depreciation and amortisation 1,174 970 2,036 Profit on disposal of property, plant and equipment (119) (1,062) (1,079) Increase in inventories (151) (1,394) (2,282) Increase in receivables (3,084) (1,574) (1,105) Increase/(decrease) in payables 1,236 (2,935) (1,825) Own shares non cash amounts 853 106 152 Retirement benefits non cash amounts (941) (967) (1,213) Translation non cash amounts 12 - (31) Share-based payments non cash amounts 43 51 94 IFRS16 Lease non cash items (23) - - ---------------- ---------------- -------------- Cash generated from operations 7,468 1,972 10,267 ---------------- ---------------- -------------- 6. The Group has adopted IFRS 16 "leases" which is effective for annual periods beginning on or after 1 January 2019. The Company has chosen to apply the modified retrospective transition method and so the prior year figures have not been adjusted. The Company has elected to apply the practical expedient for short-term leases to leases for which the lease term ends within 12 months of the date of initial application, and the practical expedient for low value leases. The adoption of the standard has resulted in the Group bringing many of its leases onto the balance sheet reflecting 'right-of-use' assets which, are depreciated, and corresponding liabilities on which interest accrues. The impact of the standard in the period to 30 September 2019, compared to the results if the standard had not been recognised, is that operating profit has increased by GBP23,000 due to the elimination of rent costs and recognition of depreciation. However, profit before and after tax has reduced by GBP51,000 due to interest charges. At 30 September 2019 non-current assets have increased by GBP4,344,000 as a result of the additional right-of-use assets. Total liabilities have increased by GBP4,395,000 due to the addition of finance lease liabilities. Total net asset effect is a decrease of GBP51,000. The rent-free period accruals previously recognised under liabilities to the value of GBP262,000 have been transferred to retained earnings. A deferred tax provision of GBP45,000 has been recognised on the impact of IFRS 16. 7. 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 FELFMWFUSEEF
(END) Dow Jones Newswires
November 28, 2019 02:00 ET (07:00 GMT)
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