James Latham posts higher annual profit on improved revenue, volumes

(Sharecast News) - James Latham reported a rise in annual profit on Thursday as revenue and volumes improved through the year, although margins edged lower in a competitive market. The AIM-traded timber and panels distributor said revenue for the year ended 31 March rose 7.2% to £393.0m, while pre-tax profit increased to £25.1m from £24.3m.

Earnings per share rose to 92.5p from 90.1p, and net assets increased to £232.3m, while cash remained strong at £51.2m.

Chair Nick Latham said trading momentum from the final quarter had continued into the new year, with slightly improved margins and volumes per working day, although supplier price increases linked to higher energy, oil and freight costs were now being seen.

The board declared a final dividend of 28.6p, taking the total dividend for the year to 36.7p, covered 2.5 times by earnings.

At 0954 BST, shares in James Latham were up 6.67% at 1,088p.

Reporting by Josh White for Sharecast.com.

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