James Latham plc says its earnings this year will fall short of forecasts due to the recession in construction and transport markets.

In a trading statement this week, the importer and distributor said that, while sales were expected to be in line with market expectations, “profits are likely to be lower than expected”.

Chairman Peter Latham said the market had seen an “unprecedented number of company failures”, forcing Latham to increase bad debt provision.

The company says it has implemented cost reduction measures and is keeping them under review.

For more details see this week’s issue of TTJ.