James Latham’s revenues rise

Thanks to improved trading conditions, revenues rose by 8.4% on the same period last year to £89.1m (2013: £82.2m). The growth was mainly in panel products, although timber also improved, with increased sales in Accoya and WoodEx, James Latham’s engineered wood sections.

Finance Income was £21,000 (2013: £14,000) and finance costs were £263,000 (2013: £423,000), reflecting interest on the lower pension scheme deficit.

Pre-tax profits were up 24.7% to £5.2m (2013: £4.2m).

The company said trading margins for the six months also improved on the previous year. Overheads had been controlled, although higher selling and distribution costs reflected higher volumes handled and more salespeople directed at target markets.

Chairman Peter Latham said he expected revenue to continue to grow.

“We are trading comfortably in line with market expectations and the management accounts and information show growing revenue for October and the first half of November, at continually improving margins, “ he said.

“In addition, we are progressing with our plans to relocate our two oldest depots at Yate in Bristol and Wigston in Leicester plus our wide range of customers are generally busier than this time last year and we are in a strong position to meet increasing demand.”