ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

LTHM Latham (james) Plc

1,225.00
-10.00 (-0.81%)
30 May 2024 - Closed
Delayed by 15 minutes
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
  -10.00 -0.81% 1,225.00 1,200.00 1,250.00 1,235.00 1,225.00 1,235.00 14,742 15:39:55
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Wood Products, Nec 408.37M 35.92M 1.7849 6.86 246.51M

Latham(James) PLC Half-year Report (1274V)

30/11/2023 7:00am

UK Regulatory


Latham (james) (LSE:LTHM)
Historical Stock Chart


From May 2023 to May 2024

Click Here for more Latham (james) Charts.

TIDMLTHM

RNS Number : 1274V

Latham(James) PLC

30 November 2023

James Latham plc

("James Latham" or the "Company")

HALF YEARLY RESULTS FOR THE PERIODED 30 SEPTEMBER 2023

Chairman's statement

Unaudited results for the six months trading to 30 September 2023

Revenue for the six months ended 30 September 2023 was GBP190.9m, down 10.3% on GBP212.8m for the same period last year. Cost prices on both timber and panels have slowly fallen throughout the first half of the year but they are now relatively stable and there are currently few signs of price weakness. Sales volumes have also remained at similar levels to the same period last year. We have seen a change in the product mix of our sales, with some of our customers moving to cheaper alternative products to counter the effect of high inflation, which is the main reason for the reduction in revenues.

Gross profit percentage, which includes warehouse costs, for the six month period ended 30 September 2023 was 16.8% compared with 19.4% in the comparative six months. Increased competition in weaker market conditions has led to the gross profit percentage dipping slightly below the long term average of 17.5%.

Overheads have been well controlled during the six months, and despite the stubbornly high inflation rates, the overheads are slightly lower than the same period last year.

Operating profit was GBP14.5m, down GBP9m compared with GBP23.5m profit for the same period last year. This reduction was anticipated as we return to normal trading conditions after the exceptional results of the last two years. Profit before tax was GBP16.4m compared with GBP23.7m for the same period last year. The tax charge of GBP4.0m represents an effective rate of 24.6%, and reflects the increase in the UK basic rate of corporation tax. Earnings per ordinary share were 61.5p compared with 95.6 p for the same period last year.

As at 30 September 2023 net assets are GBP203.8m (2022: GBP180.5m). Inventory levels of GBP66.1m have reduced from GBP74.6m at the same period last year as supply chains have stabilised. Trade and other receivables are also slightly down with bad debts remaining at a low figure. Cash and cash equivalents have increased to GBP66.0m (2022: GBP36.9m) and we continue to take advantage of additional early settlement discount opportunities with our suppliers as well as generating improved interest receipts.

There is a surplus in the IAS19 valuation of the pension scheme at 30 September 2023 of GBP11.2m compared with GBP7.2m in the same period last year. The triennial valuation at 31 March 2023 has been completed, and is showing a surplus of GBP10.0m and a funding level of 118%. This strong position has enabled the trustees to derisk their investments to reduce the volatility of the IAS19 valuation. In addition the deficit recovery funding payment of GBP3m a year will cease from 1 December 2023.

Interim dividend

The Board has declared an increased interim dividend of 7.75p per Ordinary Share (2022: 7.25p). The dividend is payable on 26 January 2024 to ordinary shareholders on the Company's Register at close of business on 5 January 2024. The ex-dividend date will be 4 January 2024.

Current and future trading

The second half of 2023/24 has started with similar volumes to the previous six month period to 30 September 2023, with similar margins. Cost prices of the majority of our products are stable at the moment, but we are mindful that the market in continental Europe is quiet at the moment, with European Panel manufacturers exporting more product to the UK, where the market is currently more robust. There remain significant cost pressures on all our manufacturers, so we expect any further price weakness to be limited.

Our customers still have reasonable order books, but there are still indications that some contracts are being postponed rather than cancelled. We are seeing a continued shift in our market sectors to more lower value products, where we have gained market share, and we expect this trend to continue as customers look for more cost effective solutions.

The strength of our customer base and the diverse markets in which we operate will help us during the more challenging macroeconomic climate that we are all facing.

The board anticipates that the results for the year ended 31 March 2024 will be in line with market expectations.

Nick Latham

Chairman

30 November 2023

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.

For further information please visit www.lathamtimber.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 Bouverat (Corporate   Tel: 0203 470 0470 
  Finance) 
 Abigail Wayne (Corporate Broking) 
 
 
 
 
 
 
 
 
   JAMES LATHAM PLC 
 CONSOLIDATED INCOME STATEMENT 
 
 For the six months to 30 September 2023 
 
                                                   Six months        Six months         Year to 
                                                   to 30 Sept.       to 30 Sept.        31 March 
                                                  2023 unaudited    2022 unaudited    2023 audited 
 
                                                     GBP000            GBP000           GBP000 
 
 Revenue                                                 190,882           212,797         408,370 
 
 Cost of sales (including warehouse costs)             (158,832)         (171,443)       (328,361) 
 
 Gross profit                                             32,050            41,354          80,009 
 
 Selling and distribution costs                         (12,033)          (12,147)        (24,214) 
 Administrative expenses                                 (5,558)           (5,680)        (12,097) 
 
 Operating profit                                         14,459            23,527          43,698 
 
 Finance income                                            2,063               231           1,071 
 Finance costs                                             (126)              (98)           (258) 
 
 Profit before tax                                        16,396            23,660          44,511 
 
 Tax expense                                             (4,030)           (4,606)         (8,593) 
 
 Profit after tax attributable to owners 
  of the parent company                                   12,366            19,054          35,918 
 
 Earnings per ordinary share (basic)                       61.5p             95.6p          179.5p 
 
 Earnings per ordinary share (diluted)                     61.4p             95.2p          179.2p 
==============================================  ================  ================  ============== 
 
 
 All results relate to continuing operations. 
 
 
 
 
 
 
 
 
   JAMES LATHAM PLC 
 
 CONSOLIDATED STATEMENT OF COMPREHENSIVE 
  INCOME 
 
 For the six months to 30 September 2023 
 
                                                   Six months        Six months         Year to 
                                                   to 30 Sept.       to 30 Sept.        31 March 
                                                  2023 unaudited    2022 unaudited    2023 audited 
 
                                                     GBP000            GBP000           GBP000 
----------------------------------------------  ----------------  ----------------  -------------- 
 
 Profit after tax                                         12,366            19,054          35,918 
 Other Comprehensive income 
 Actuarial gains on defined benefit pension 
  scheme                                                   1,982             3,242           1,407 
 Deferred tax relating to components of other 
  comprehensive income                                     (495)           (1,080)           (632) 
 Foreign translation (charge)/credit                        (64)               492             233 
----------------------------------------------  ----------------  ----------------  -------------- 
 Other comprehensive income for the period, 
  net of tax                                               1,423             2,654           1,008 
----------------------------------------------  ----------------  ----------------  -------------- 
 Total comprehensive income, attributable 
  to owners of the parent company                         13,789            21,708          36,926 
==============================================  ================  ================  ============== 
 
 
 
 
   JAMES LATHAM PLC 
 CONSOLIDATED BALANCE SHEET 
 
 At 30 September 2023 
 
                                                   As at         As at 30      As at 31 
                                                  30 Sept.       Sept. 2022    March 2023 
                                               2023 unaudited    unaudited      audited 
 
                                                  GBP000          GBP000        GBP000 
 ASSETS 
 Non-current assets 
 Goodwill                                               1,181         1,363         1,193 
 Intangible assets                                      1,236         1,403         1,319 
 Property, plant and equipment                         37,841        37,278        37,440 
 Right-of-use-asset                                     5,438         3,995         5,817 
 Retirement benefit surplus                            11,212         7,318         7,221 
 Deferred tax asset                                        53           134             - 
 Total non-current assets                              56,961        51,491        52,990 
 
 Current assets 
 Inventories                                           66,052        74,588        67,489 
 Trade and other receivables                           64,220        69,380        66,782 
 Cash and cash equivalents                             65,958        36,939        62,609 
 Tax receivable                                            13             -           490 
 Total current assets                                 196,243       180,907       197,370 
 
 
 Total assets                                         253,204       232,398       250,360 
-------------------------------------------  ----------------  ------------  ------------ 
 
 Current liabilities 
 Lease liabilities                                        879         1,429           879 
 Trade and other payables                              35,013        40,471        41,066 
 Current tax payable                                        -           268             - 
-------------------------------------------  ----------------  ------------  ------------ 
 Total current liabilities                             35,892        42,168        41,945 
 
 Non-current liabilities 
 Interest bearing loans and borrowings                    587           592           592 
 Lease liabilities                                      4,806         2,753         5,130 
 Deferred tax liabilities                               8,124         6,369         7,118 
-------------------------------------------  ----------------  ------------  ------------ 
 Total non-current liabilities                         13,517         9,714        12,840 
 
 
 Total liabilities                                     49,409        51,882        54,785 
 
 
 Net assets                                           203,795       180,516       195,575 
===========================================  ================  ============  ============ 
 
 Capital and reserves 
 Issued capital                                         5,040         5,040         5,040 
 Share-based payment reserve                              152           438           124 
 Own shares                                                 -         (708)             - 
 Capital reserve                                          398           398           398 
 Retained earnings                                    198,205       175,348       190,013 
-------------------------------------------  ----------------  ------------  ------------ 
 
 Total equity attributable to shareholders 
  of the parent company                               203,795       180,516       195,575 
===========================================  ================  ============  ============ 
 
 
 
 
 
 
 
 
   JAMES LATHAM PLC 
 
 CONSOLIDATED CASH FLOW STATEMENT 
 
 For the six months to 30 September 2023 
 
                                                       Six months        Six months         Year to 
                                                        to 30 Sept        to 30 Sept        31 March 
                                                      2023 unaudited    2022 unaudited    2023 audited 
 
                                                         GBP000            GBP000           GBP000 
--------------------------------------------------  ----------------  ----------------  -------------- 
 Net cash flow from operating activities 
 Cash generated from operations                               13,197            11,744          43,864 
 Interest paid                                                  (25)              (26)            (53) 
 Income tax paid                                             (3,094)           (4,043)         (7,498) 
 Net cash inflow from operating activities                    10,078             7,675          36,313 
--------------------------------------------------  ----------------  ----------------  -------------- 
 
 Cash flows from investing activities 
 Interest received and similar income                          1,697               127             822 
 Purchase of property, plant and equipment                   (2,233)           (1,782)         (3,304) 
 Proceeds from sale of property, plant and 
  equipment                                                       27                56              72 
 Net cash outflow from investing activities                    (509)           (1,599)         (2,410) 
--------------------------------------------------  ----------------  ----------------  -------------- 
 
 Cash flows before financing activities 
 Lease liability payments                                      (425)             (787)         (1,499) 
 Equity dividends paid                                       (5,789)           (5,380)         (6,825) 
 Purchase of own shares                                          (6)                 -               - 
 Cash outflow from financing activities                      (6,220)           (6,167)         (8,324) 
--------------------------------------------------  ----------------  ----------------  -------------- 
 
 Increase/(decrease) in cash and cash equivalents 
  for the period                                               3,349              (91)          25,579 
================================================== 
 
 Cash and cash equivalents at beginning 
  of the period                                               62,609            37,030          37,030 
 
 Cash and cash equivalents at end of the 
  period                                                      65,958            36,939          62,609 
==================================================  ================  ================  ============== 
 
 
 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 2022 (audited)             5,040               387        (873)          398        159,019     163,971 
 Profit for the period                        -                 -            -            -         19,054      19,054 
 Other comprehensive income: 
 Actuarial gain on defined 
  benefit 
  pension scheme                              -                 -            -            -          3,242       3,242 
 Deferred tax relating to 
  components 
  of other comprehensive income               -                 -            -            -        (1,080)     (1,080) 
 Foreign translation credit                   -                 -            -            -            492         492 
---------------------------------  ------------  ----------------  -----------  -----------  -------------  ---------- 
 Total comprehensive income for 
  the period                                  -                 -            -            -         21,708      21,708 
 Transaction with owners: 
 Dividends                                    -                 -            -            -        (5,379)     (5,379) 
 Deferred tax on share options                -              (37)            -            -              -        (37) 
 Change in investment in ESOP 
  shares                                      -                 -          165            -              -         165 
 Share-based payment expense                  -                88            -            -              -          88 
---------------------------------  ------------  ----------------  -----------  -----------  -------------  ---------- 
 Total transactions with owners               -                51          165            -        (5,379)     (5,163) 
---------------------------------  ------------  ----------------  -----------  -----------  -------------  ---------- 
 Balance at 30 September 2022 
  (unaudited)                             5,040               438        (708)          398        175,348     180,516 
 Profit for the period                        -                 -            -            -         16,864      16,864 
 Other comprehensive income: 
 Actuarial loss on defined 
  benefit 
  pension scheme                              -                 -            -            -        (1,835)     (1,835) 
 Deferred tax relating to 
  components 
  of other comprehensive income               -                 -            -            -            448         448 
 Foreign translation charge                   -                 -            -            -          (259)       (259) 
---------------------------------  ------------  ----------------  -----------  -----------  -------------  ---------- 
 Total comprehensive income for 
  the period                                  -                 -            -            -         15,218      15,218 
 Transactions with owners: 
 Dividends                                    -                 -            -            -        (1,446)     (1,446) 
 Exercise of options                          -             (386)        1,397            -            369       1,380 
 Deferred tax on share options                -              (22)            -            -              -        (22) 
 Transfer to retained earnings                -                 -        (524)            -            524           - 
 Change in investment in ESOP 
  shares                                      -                 -        (165)            -              -       (165) 
 Share-based payment expense                  -                94            -            -              -          94 
---------------------------------  ------------  ----------------  -----------  -----------  -------------  ---------- 
 Total transactions with owners               -             (314)          708            -          (553)       (159) 
---------------------------------  ------------  ----------------  -----------  -----------  -------------  ---------- 
 Balance at 31 March 2023 
  (audited)                               5,040               124            -          398        190,013     195,575 
 Profit for the period                        -                 -            -            -         12,366      12,366 
 Other comprehensive income: 
 Actuarial gain on defined 
  benefit 
  pension scheme                              -                 -            -            -          1,982       1,982 
 Deferred tax relating to 
  components 
  of other comprehensive income               -                 -            -            -          (495)       (495) 
 Foreign translation charge                   -                 -            -            -           (64)        (64) 
 Total comprehensive income for 
  the period                                  -                 -            -            -         13,789      13,789 
 Transactions with owners: 
 Dividends                                    -                 -            -            -        (5,789)     (5,789) 
 Exercise of options                          -               (8)            -            -              8           - 
 Deferred tax on share options                -               (1)            -            -              -         (1) 
 Change in investment in ESOP 
  shares                                      -                 -                         -            184         184 
 Share-based payment expense                  -                37            -            -              -          37 
---------------------------------  ------------  ----------------  -----------  -----------  -------------  ---------- 
 Total transactions with owners               -                28            -            -        (5,597)     (5,569) 
---------------------------------  ------------  ----------------  -----------  -----------  -------------  ---------- 
 Balance at 30 September 2023 
  (unaudited)                             5,040               152            -          398        198,205     203,795 
=================================  ============  ================  ===========  ===========  =============  ========== 
 
 
 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 2024. 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 2023 are extracted from the statutory 
  accounts of the group for that period. 
 
 2. The directors propose an interim dividend of 7.75p per ordinary 
  share which will absorb GBP1,560,000 (2022: 7.25p absorbing GBP1,445,000), 
  payable on 26 January 2024 to shareholders on the Company's Register 
  at the close of business on 5 January 2024. The ex-dividend date is 
  4 January 2024. 
 
 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 2023 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 
                                                      2023 unaudited    2022 unaudited    2023 audited 
                                                         GBP000            GBP000           GBP000 
 
 Net profit attributable to ordinary shareholders             12,366            19,054          35,918 
 
                                                     Number '000       Number '000              Number 
                                                                                                  '000 
 Weighted average share capital                               20,123            19,926          20,009 
 Add: diluted effect of share capital options 
  issued                                                          24                95              31 
 Weighted average share capital for diluted 
  earnings per ordinary share calculation                     20,147            20,021          20,040 
                                                    ----------------  ----------------  -------------- 
 
 5. Net cash flow from operating activities 
 
                                                       Six months        Six months         Year to 
                                                        to 30 Sept        to 30 Sept        31 March 
                                                      2023 unaudited    2022 unaudited    2023 audited 
                                                         GBP000            GBP000           GBP000 
 
 Profit before tax                                            16,396            23,660          44,511 
 Adjustment for finance income and expenditure               (1,937)             (133)           (813) 
 Depreciation and amortisation                                 2,272             2,091           4,173 
 Impairment                                                        -                 -             179 
 Loss/(profit) on disposal of property, 
  plant and equipment                                              7              (51)            (46) 
 Decrease/(increase) in inventories                            1,437             (358)           6,741 
 Decrease/(increase) in receivables                            2,562           (1,048)           1,550 
 Decrease in payables                                        (5,934)           (9,652)         (8,167) 
 Retirement benefits non cash amounts                        (1,643)           (2,853)         (4,446) 
 Share-based payments non cash amounts                            37                88             182 
 Cash generated from operations                               13,197            11,744          43,864 
                                                    ----------------  ----------------  -------------- 
 
 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 C2, Breakspear Park, Breakspear Way, Hempstead, 
  Herts, HP2 4TZ, 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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR FEIFWUEDSEIF

(END) Dow Jones Newswires

November 30, 2023 02:00 ET (07:00 GMT)

1 Year Latham (james) Chart

1 Year Latham (james) Chart

1 Month Latham (james) Chart

1 Month Latham (james) Chart

Your Recent History

Delayed Upgrade Clock