UK timber and panel products distributor James Latham plc has posted stable six-months profit of £4.1m (2010: £4.5m) despite margins coming under pressure between July and September.
Lathams’ half-yearly results for the six months ended September 30 also show sales of £74.2m (2010: £65.9m).
The company said increased like-for-like revenues was the result of higher prices and increased volumes in both timber and panel products.
“The recently purchased DLH UK Ltd, now trading as LDT – a division of Lathams Ltd – has produced results above our expectations,” said chairman Peter Latham.
Record sales were achieved in August and September and “steady” revenue has been recorded in October and the first half of November, “but margins are still under pressure”.
Mr Latham said bad debts have been below last year’s level but would remain a concern over the next few months.
“In this trading climate it is difficult to predict future trading patterns. Some customers still have full order books but there is less confidence than earlier in the year. However, the directors still see opportunities to expand the business profitably.”
Lathams’ new, bigger Leeds site is currently being fitted out and staff will start transferring there in December.
