20th Aug 2009 12:49
James Latham plc
Stock Exchange Announcement and Statement to the 2009 AGM
The Directors intend to issue the following statement to shareholders attending today's AGM:
For the first four months of the current financial year, namely April to July 2009, revenue is almost 9% below the same period last year. This is a result of the lower level of activity in the economy and some lower product prices, however margins are at a similar level. This represents an improvement in margins from the low levels seen in the second half of last year. The results for the half-year to September are expected to be below those of last year but above the Directors' expectations prior to the start of the year.
The trading environment remains challenging. There are signs that timber prices have reached the bottom and are rising in some areas. Generally our customers have reasonable order books for the next few months but it is difficult to predict the level of activity likely during the winter months. Some sectors remain very quiet.
The board has responded to the trading environment by concentrating resources where it has competitive advantage and by reducing overhead costs. The number of customer failures has remained above normal levels but below those experienced at the end of 2008.
The company has a strong financial base, with significant cash reserves, and is well placed to weather uncertain trading conditions.
James Latham plc's interim results to the end of September will be announced on 26 November 2009.
Peter Latham
Chairman
20 August 2009
Contacts:
James Latham plc
Peter Latham
David Dunmow 01442 849100
Astaire Securities Plc
Andrew Raca 020 7448 4400
Related Shares:
Latham Timber