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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 2021 to Apr 2024
TIDMLTHM
RNS Number : 4939T
Latham(James) PLC
25 November 2021
James Latham plc
("James Latham" or the "Company")
HALF YEARLY RESULTS FOR THE PERIODED 30 SEPTEMBER 2021
Chairman's statement
Unaudited results for the six months trading to 30 September 2021
Revenue for the six months ended 30 September 2021 was GBP193.9m, up 81.2% on GBP107.0m for the same period last year. Revenue in the six months to 30 September 2020 was significantly impacted by the first lockdown. Cost prices on both timber and panels have risen significantly since the start of the financial year, with average cost prices up over 25%. We have had strong volume growth in the first quarter of the financial year, although these volumes returned to normal levels in the second quarter, and overall volumes are 4.9% higher than in the six months to 31 March 2021. All sites are still operating with some COVID restrictions and I am very pleased with the way that we have grown revenues and maintained a safe environment for our staff to work in.
Gross profit percentage, which includes warehouse costs, for the six month period ended 30 September 2021 was 26.4% compared with 16.9% in the comparative six months. This six month period has been very turbulent with significant increases in the market prices for our products and well documented problems in the global supply chain leading to difficulties in obtaining regular supplies of inventory. We anticipated this issue and made sure that sufficient contracts were placed to ensure that our customers were not left short of stock. These significant increases in market prices did lead to a short-term improvement in margins as we worked through inventory purchased at competitive prices.
Overheads have been well controlled during the six months, although they are starting to increase with pressure on transport costs in particular.
Operating profit was GBP34.1m, up GBP27.6m on the GBP6.5m profit for the same period last year. Profit before tax was GBP34.0m compared with GBP6.3m for the same period last year. The tax charge of GBP7.5m represents an effective rate of 21.9%, which includes an increased charge for deferred taxation following the announcement of a future increase in corporation tax to 25%. Earnings per ordinary share were 133.5p compared with 25.6 p for the same period last year.
As at 30 September 2021 net assets are GBP146.4m (2020: GBP109.1m). Inventory has increased significantly, up to GBP69.1m from GBP41.3m. Apart from the increases due to the higher cost of our products, the supply chain has become extended leading to increased stocks on water from GBP7m to nearly GBP20m, as vessels are delayed both at the port of origin and the destination port. Trade and other receivables have increased by GBP23.65m to GBP68.4m due directly to the increases in revenues, but continue to show good debtor day figures, with bad debts remaining at a low figure. Cash and cash equivalents of GBP24.5m (2020: GBP26.1m) have been important to allow us to increase our investment in working capital especially the inventory levels. We continue to take advantage of additional early settlement discount opportunities with our suppliers.
This six months has tested the strength of our business model and our impressive results reflect the hard work of all parts of the Company, but also are a reflection of the unprecedented market conditions of the first six months which are unlikely to be repeated.
The calculation of the pension deficit remains very sensitive to changes in assumptions, and the pension deficit under IAS19 is calculated as decreasing from GBP2.5m at 31 March 2021 to just GBP12,000 at 30 September 2021. This is largely due to a recovery in the plan asset valuations although the discount rate has slightly reduced.
Interim dividend
The Board has declared an increased interim dividend of 6.5p per Ordinary Share (2020: 5.7p). The dividend is payable on 21 January 2022 to ordinary shareholders on the Company's Register at close of business on 17 December 2021. The ex-dividend date will be 16 December 2021.
Current and future trading
The second half of 2021/22 has started with slightly weaker volumes compared with the exceptional six months to 30 September 2021, and margins are returning to more normal levels. We have seen a reduction in prices of some commodity products but most products are seeing prices remaining firm. The challenges persist in our supply chain, with shipment delays, congestion at the ports and container prices at all time high levels. Inventory levels have remained high to ensure we can meet our customers' expectations. The issues with the supply chain could persist throughout 2022. It is difficult to predict when this may return to normal but when it does, this will significantly reduce the cost price of imported commodity products. There will be continued inflationary pressure on our overheads for the foreseeable future.
Some of our customers are a bit quieter, which is in part due to projects being delayed due to supply issues with non-timber products but overall we remain confident that we will have a good end to our financial year despite the challenges ahead of us.
We are pleased that our acquisition of IJK Timber Group in Northern Ireland has completed successfully post period end and the integration into the Latham Group is proceeding according to plan. The investment in the large racking project at our Thurrock facility is now complete, and we have invested in state of the art machinery at Dresser Mouldings to improve the efficiency of the production process.
Nick Latham
Chairman
24 November 2021
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
For further information please visit www.lathams.co.uk or contact:
Hot Features
Premium
James Latham plc Tel: 01442 849 100
Nick Latham, Chairman
David Dunmow, Finance Director
SP Angel Corporate Finance LLP
Matthew Johnson / Charlie Bouverat Tel: 0203 470 0470
(Corporate Finance)
Rob Rees (Corporate Broking)
JAMES LATHAM PLC
CONSOLIDATED INCOME STATEMENT
For the six months to 30 September 2021
Six months Six months Year to
to 30 Sept. to 30 Sept. 31 March
2021 unaudited 2020 unaudited 2021 audited
GBP000 GBP000 GBP000
Revenue 193,937 107,034 250,162
Cost of sales (including warehouse costs) (142,822) (88,985) (205,060)
Gross profit 51,115 18,049 45,102
Selling and distribution costs (11,058) (7,449) (17,464)
Administrative expenses (5,924) (4,056) (8,598)
Operating profit 34,133 6,544 19,040
Finance income 10 5 11
Finance costs (112) (236) (453)
Profit before tax 34,031 6,313 18,598
Tax expense (7,463) (1,215) (3,616)
Profit after tax attributable to owners
of the parent company 26,568 5,098 14,982
Earnings per ordinary share (basic) 133.5p 25.6p 75.4p
Earnings per ordinary share (diluted) 133.0p 25.6p 75.2p
============================================== ================ ================ ==============
All results relate to continuing operations.
JAMES LATHAM PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
For the six months to 30 September 2021
Six months Six months Year to
to 30 Sept. to 30 Sept. 31 March
2021 unaudited 2020 unaudited 2021 audited
GBP000 GBP000 GBP000
---------------------------------------------- ---------------- ---------------- --------------
Profit after tax 26,568 5,098 14,982
Other Comprehensive income
Actuarial gains on defined benefit pension
scheme 1,047 1,923 6,717
Deferred tax relating to components of other
comprehensive income (199) (365) (1,276)
Foreign translation credit/(charge) 8 23 (58)
---------------------------------------------- ---------------- ---------------- --------------
Other comprehensive income for the period,
net of tax 856 1,581 5,383
---------------------------------------------- ---------------- ---------------- --------------
Total comprehensive income, attributable
to owners of the parent company 27,424 6,679 20,365
============================================== ================ ================ ==============
JAMES LATHAM PLC
CONSOLIDATED BALANCE SHEET
At 30 September 2021
As at 30 As at 30 As at 31
Sept. 2021 Sept. 2020 March 2021
unaudited unaudited audited
GBP000 GBP000 GBP000
ASSETS
Non-current assets
Goodwill 872 872 872
Intangible assets 1,570 1,738 1,655
Property, plant and equipment 36,153 35,477 35,342
Right-of-use-asset 3,789 4,629 4,064
Deferred tax asset 87 1,694 534
Total non-current assets 42,471 44,410 42,467
Current assets
Inventories 69,117 41,360 48,262
Trade and other receivables 68,414 44,764 48,003
Cash and cash equivalents 24,476 26,159 28,618
Total current assets 162,007 112,283 124,883
Total assets 204,478 156,693 167,350
------------------------------------------- ------------ ------------ ------------
Current liabilities
Lease liabilities 1,243 1,242 1,123
Trade and other payables 45,972 30,122 34,761
Current tax payable 3,220 - -
------------------------------------------- ------------ ------------ ------------
Total current liabilities 50,435 31,364 35,884
Non-current liabilities
Interest bearing loans and borrowings 592 592 592
Lease liabilities 2,764 3,579 3,137
Retirement and other benefit obligation 12 8,774 2,561
Other payables - - 21
Deferred tax liabilities 4,273 3,264 3,339
------------------------------------------- ------------ ------------ ------------
Total non-current liabilities 7,641 16,209 9,650
Total liabilities 58,076 47,573 45,534
Net assets 146,402 109,120 121,816
=========================================== ============ ============ ============
Capital and reserves
Issued capital 5,040 5,040 5,040
Share-based payment reserve 268 96 167
Own shares (326) (542) (471)
Capital reserve 398 398 398
Retained earnings 141,022 104,128 116,682
------------------------------------------- ------------ ------------ ------------
Total equity attributable to shareholders
of the parent company 146,402 109,120 121,816
=========================================== ============ ============ ============
JAMES LATHAM PLC
CONSOLIDATED CASH FLOW STATEMENT
For the six months to 30 September 2021
Six months Six months Year to
to 30 Sept to 30 Sept 31 March
2021 unaudited 2020 unaudited 2021 audited
GBP000 GBP000 GBP000
-------------------------------------------------- ---------------- ---------------- --------------
Net cash flow from operating activities
Cash generated from operations 4,620 13,565 21,374
Interest paid (27) (24) (51)
Income tax paid (2,850) (950) (3,191)
Net cash inflow from operating activities 1,743 12,591 18,132
-------------------------------------------------- ---------------- ---------------- --------------
Cash flows from investing activities
Interest received and similar income 10 5 11
Purchase of property, plant and equipment (2,231) (785) (1,968)
Proceeds from sale of property, plant and
equipment 42 6 8
Net cash outflow from investing activities (2,179) (774) (1,949)
-------------------------------------------------- ---------------- ---------------- --------------
Cash flows before financing activities
Lease liability payments (622) (621) (1,394)
Equity dividends paid (3,084) (1,987) (3,121)
Cash outflow from financing activities (3,706) (2,608) (4,515)
-------------------------------------------------- ---------------- ---------------- --------------
(Decrease)/increase in cash and cash equivalents
for the period (4,142) 9,209 11,668
==================================================
Cash and cash equivalents at beginning of
the period 28,618 16,950 16,950
Cash and cash equivalents at end of the
period 24,476 26,159 28,618
================================================== ================ ================ ==============
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 2020 (audited) 5,040 25 (619) 398 99,433 104,277
Profit for the period - - - - 5,098 5,098
Other comprehensive income:
Actuarial gain on defined
benefit
pension scheme - - - - 1,923 1,923
Deferred tax relating to
components
of other comprehensive income - - - - (365) (365)
Foreign translation charge - - - - 23 23
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Total comprehensive income for
the period - - - - 6,679 6,679
Transaction with owners:
Dividends - - - - (1,987) (1,987)
Exercise of options - (8) - - 3 (5)
Change in investment in ESOP
shares - - 77 - - 77
Share-based payment expense - 79 - - - 79
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Total transactions with owners - 71 77 - (1,984) (1,836)
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Balance at 30 September 2020
(unaudited) 5,040 96 (542) 398 104,128 109,120
Profit for the period - - - - 9,884 9,884
Other comprehensive income:
Actuarial gain on defined
benefit
pension scheme - - - - 4,794 4,794
Deferred tax relating to
components
of other comprehensive income - - - - (911) (911)
Foreign translation charge - - - - (81) (81)
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Total comprehensive income for
the period - - - - 13,686 13,686
Transactions with owners:
Dividends - - - - (1,134) (1,134)
Exercise of options - (12) 148 - 2 138
Deferred tax on share options - 6 - - - 6
Change in investment in ESOP
shares - - (77) - - (77)
Share-based payment expense - 77 - - - 77
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Total transactions with owners - 71 71 - (1,132) (990)
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Balance at 31 March 2021
(audited) 5,040 167 (471) 398 116,682 121,816
Profit for the period - - - - 26,568 26,568
Other comprehensive income:
Actuarial gain on defined
benefit
pension scheme - - - - 1,047 1,047
Deferred tax relating to
components
of other comprehensive income - - - - (199) (199)
Foreign translation charge - - - - 8 8
Total comprehensive income for
the period - - - - 27,424 27,424
Transactions with owners:
Dividends - - - - (3,084) (3,084)
Exercise of options - - (3) - - (3)
Deferred tax on share options - 25 - - - 25
Change in investment in ESOP
shares - - 148 - - 148
Share-based payment expense - 76 - - - 76
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Total transactions with owners - 101 145 - (3,084) (2,838)
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Balance at 30 September 2021
(unaudited) 5,040 268 (326) 398 141,022 146,402
================================= ============ ================ =========== =========== ============= ==========
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 Accounting Standards in conformity with the requirements
of the Companies Act 2006 and on the basis of the accounting policies
expected to be used in the financial statements for the year ending
31 March 2022. The half yearly report does not include all the disclosures
that would be required for full compliance with IFRS. The figures
for the year ended 31 March 2021 are extracted from the statutory
accounts of the group for that period.
2. The directors propose an interim dividend of 6.5p per ordinary
share which will absorb GBP1,293,000 (2020: 5.7p absorbing GBP1,133,000),
payable on 21 January 2022 to shareholders on the Company's Register
at the close of business on 17 December 2021. The ex-dividend date
is 16 December 2021.
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 2021 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
2021 unaudited 2020 unaudited 2021 audited
GBP000 GBP000 GBP000
Net profit attributable to ordinary shareholders 26,568 5,098 14,982
Number '000 Number '000 Number
'000
Weighted average share capital 19,896 19,876 19,882
Add: diluted effect of share capital options
issued 79 26 31
Weighted average share capital for diluted
earnings per ordinary share calculation 19,975 19,902 19,913
---------------- ---------------- --------------
5. Net cash flow from operating activities
Six months Six months Year to
to 30 Sept to 30 Sept 31 March
2021 unaudited 2020 unaudited 2021 audited
GBP000 GBP000 GBP000
Profit before tax 34,031 6,313 18,598
Adjustment for finance income and expenditure 102 231 442
Depreciation and amortisation 2,002 2,017 4,033
Loss/(profit) on disposal of property,
plant and equipment 105 (6) (6)
(Increase)/decrease in inventories (20,855) 2,928 (3,974)
(Increase)/decrease in receivables (20,585) 2,193 (878)
Increase in payables 11,264 1,062 5,779
Retirement benefits non cash amounts (1,520) (1,247) (2,776)
Share-based payments non cash amounts 76 74 156
Cash generated from operations 4,620 13,565 21,374
---------------- ---------------- --------------
6. Copies of this statement will be posted on our website, www.lathamtimber.co.uk/investors
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.
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END
IR FEIFLLEFSEDF
(END) Dow Jones Newswires
November 25, 2021 01:59 ET (06:59 GMT)
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