RNS Number:2908S
Latham(James) PLC
20 November 2003
ANNOUNCEMENT TO THE STOCK EXCHANGE
TO BE RELEASED ON THURSDAY 20 NOVEMBER 2003
JAMES LATHAM PLC UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003
Results
Group turnover is #48,724,000, an increase of 4.2% on the #46,769,000 for the
first six months of last year.
Pre-tax profits are #1,393,000 against a re-stated figure of #972,000.
The results for the six months to 30 September 2002 have been re-stated to
reflect the SSAP 24 charge of #736,000 which was attributable to the twelve
months ending 31 March 2003. This has reduced last year's previously reported
interim profits by #368,000.
Earnings per Ordinary Share are 18.9p (re-stated 2002 10.7p).
Interim Dividend
The Board has declared an interim dividend of 5.5p per Ordinary Share (2002
5.25p) which is covered 3.4 times (re-stated 2002 2.0 times).
The dividend is payable on 26 January 2004 to shareholders on the register at
the close of business on 5 January 2004. The ex-dividend date is 31 December
2003.
Associate Company
Since 30 September 2003, the Company has sold its 38.89% interest in Singer
Plywood Co. Limited. The sale realised a profit of #18,000 which has not been
included in the interim results.
Lathams Limited
Sales at Lathams Limited, our timber and panels distribution company, increased
by 3.9%. The profits generated by most of the depots are comfortably ahead of
last year. The profits achieved by the new depots at Thurrock and Purfleet,
although on an increasing trend, are less than was earned at Clapton in the same
period last year.
Nevill Long Limited
Sales at our ceiling systems, drylining and partitioning company increased by
5.2% against the same period last year and gross margins improved. With
overheads remaining relatively stable, this has resulted in an enhanced net
profit at Nevill Long Limited.
Clapton site
The Planning Application for mixed redevelopment of the Clapton site was turned
down by the London Borough of Hackney at a Council meeting in early September.
The Appeal, which has been lodged with the Planning Inspectorate, is due to be
heard in December. There will inevitably be some months delay before a decision
on the Appeal is forthcoming from the Office of the Deputy Prime Minister.
Current Trading
October was a good month for the James Latham Group and the current level of
demand remains satisfactory.
Roger Latham
Group Chairman 20 November 2003
JAMES LATHAM PLC
CONSOLIDATED BALANCE SHEET
As at 30 September 2003
As at 30 Sept. As at 30 As at 31 March
2003 unaudited Sept. 2002 2003 audited
unaudited as
restated
#000 #000 #000
Fixed assets
Intangible fixed assets 398 424 411
Tangible fixed assets 12,792 11,977 12,806
Investments 579 523 537
13,769 12,924 13,754
Current assets
Stocks - goods for resale 15,260 14,447 14,185
Debtors 21,745 20,305 19,049
Cash at bank and in hand 660 642 1,012
37,665 35,394 34,246
Creditors: amounts falling due within one (20,157) (16,361) (17,344)
year
Net current assets 17,508 19,033 16,902
Total assets less current liabilities 31,277 31,957 30,656
Creditors: amounts falling due after
more than one year (3,246) (4,355) (3,260)
Provisions for liabilities and charges (364) (771) (397)
Total net assets 27,667 26,831 26,999
Represented by:
Capital and reserves
Called up share capital 6,027 6,027 6,027
Capital reserve 3 3 3
Revaluation reserve 149 149 149
Profit and loss account 21,488 20,652 20,820
Shareholders' funds 27,667 26,831 26,999
Attributable to equity 26,680 25,844 26,012
shareholders
Attributable to non-equity 987 987 987
shareholders
JAMES LATHAM PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months to 30 September 2003
Six months to 30 Six months Year to 31 March
Sept. 2003 to 30 Sept. 2003 audited
unaudited 2002
unaudited as
restated
#000 #000 #000
Turnover 48,724 46,769 91,797
Cost of sales (including warehouse (40,947) (39,127) (76,874)
costs)
Gross profit 7,777 7,642 14,923
Selling and distribution costs (3,811) (3,730) (7,613)
Administrative expenses (2,646) (3,146) (5,989)
Other operating income - 42 74
(6,457) (6,834) (13,528)
Operating profit 1,320 808 1,395
Share of profits of associated 4 40 74
undertakings
Net interest 69 124 174
Profit on ordinary activities before 1,393 972 1,643
taxation
Tax on profit on ordinary (415) (398) (317)
activities
Profit on ordinary activities after taxation 978 574 1,326
Dividends - preference (39) (39) (79)
- ordinary (271) (265) (808)
Retained profit 668 270 439
Earnings per ordinary share 18.9p 10.7p 25.0p
Notes
1. The results for the six months ended 30 September 2003 and 30 September 2002
are unaudited and prepared on the basis of the accounting policies set out in
the Group statutory accounts for the year ended 31 March 2003. The results
for the year ended 31 March 2003 are extracted from the statutory accounts,
on which the auditors issued an unqualified report, and which have been filed
with the Registrar of Companies.
2. The unaudited results for the six months ended 30 September 2002 have been
adjusted to reflect the additional SSAP24 adjustment made in respect of the
year ended 31 March 2003. This followed the actuarial valuation completed
after the publication of the results for the six months ended 30 September
2003.This adjustment has reduced profits for the six months to 30 September
2002 by #368,000.
3. The directors have declared an interim dividend of 5.5p per ordinary share
which will absorb #277,200 (2002: 5.25p absorbing #264,600), payable on 26
January 2004 to shareholders on the Register at the close of business on 5
January 2004. The ex-dividend date is 31 December 2003. This dividend is
accrued in the above figures.
4. This statement does not comprise full accounts within the meaning of Section
240 of the Companies Act 1985.
5. Copies of this statement will be sent to all shareholders and will also be
available on written application to the Company Secretary, James Latham plc,
Unit 3 Swallow Park, Finway Road, Hemel Hempstead, Herts, HP2 7QU.
6. The Group had no recognised gains or losses for the six months to 30
September 2003 other than the results shown above.
JAMES LATHAM PLC
CONSOLIDATED CASH FLOW STATEMENT
For the six months to 30 September 2003
Six months to 30 Six months Year to 31 March
Sept. 2003 to 30 Sept. 2003 audited
unaudited 2002
unaudited
#000 #000 #000
Cash flow from operating activities (1,555) 623 3,815
Dividend received from 17 10 21
associate
Returns on investments and servicing of finance
Interest received and similar income 205 161 369
Interest paid (114) (32) (160)
Preference dividend paid (39) (39) (79)
Net cash inflow from returns on 52 90 130
investments and servicing of finance
Taxation (215) (307) (859)
Capital expenditure and financial investment
Purchase of tangible fixed (203) (4,322) (5,330)
assets
Purchase of own shares (73) (20) (20)
Proceeds of sale of tangible fixed assets and 6 - 11
property
Net cash outflow from capital (270) (4,342) (5,339)
expenditure and financial investment
Equity dividends paid (548) (554) (808)
Cash outflow before use of liquid resources (2,519) (4,480) (3,040)
and financing
Management of liquid resources
Sale of UK listed investments - 379 448
Financing
Bank loans repaid during the period (167) (333) (667)
Bank loans obtained during the period - 3,569 3,568
Other creditors - - (500)
Short term borrowings obtained during the - 150 -
period
Net cash outflow from financing (167) 3,386 2,401
Decrease in cash for the period (2,686) (715) (191)
Reconciliation of net cash flow to
movement in net debt
Decrease in cash for the period (2,686) (715) (191)
Cash outflow from decrease in debt and 167 (3,386) (2,401)
lease financing
Cash inflow from increase in liquid - (379) (448)
resources
Movement in net debt for the year (2,519) (4,480) (3,040)
Net debt at 1 April 2003 (4,634) (394) (1,594)
Net debt at 30 September 2003 (7,153) (4,874) (4,634)
This information is provided by RNS
The company news service from the London Stock Exchange
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