TIDMLTHM
RNS Number : 7767J
Latham(James) PLC
25 August 2021
James Latham plc
(the "Company")
Trading Statement and Results of AGM
The Chairman of the Company is pleased to provide the following
trading update:
Revenue for the first four months of the current financial year,
namely 1 April to 31 July 2021 is GBP127m. This represents an
increase in sales per working day of 34% compared with the three
months ended 31 March 2021. Global demand for timber remains high,
which has resulted in increased prices and shortages that have not
been seen in the industry before. We continue to see large
increases in container rates which have caused significant
increases in the costs of our imported products. Volumes per
working day are up 11% from the three months ended 31 March 2021,
demonstrating that we have been able to meet the demands of our
customers. Our aim throughout this period has been to ensure that
our loyal customer base is kept supplied with product, despite the
supply difficulties in the market.
Our ability to secure enough volume of products from our key
suppliers and the unprecedented high demand has resulted in
improved margins.
Overheads have been well controlled, and the level of bad debts
is very low. Transport continues to be difficult with a shortage of
drivers available for us and our hauliers, but everyone in the
business has worked hard to successfully maintain our service
levels at the same high standard as our customers would expect.
This revenue and margin increase together with our control of
overheads has resulted in profit before tax for the first four
months of this year being approximately the same as we achieved for
the whole of the last financial year, namely a profit before tax of
GBP18.6m.
The Company's strong cash position has helped to finance
increased inventory levels to meet the demand from our customers.
The supply difficulties though have meant that we have needed to
invest in inventories which are increasingly taking longer to
arrive in the UK and be available for sale.
Our customers remain busy, but there are concerns that shortages
in other construction products will mean that there are likely to
be delays on projects which will affect some of our customers.
The Board are very mindful that the timber industry has seen
market conditions that are unlikely to ever be repeated, and more
normal trading conditions will return, but at this stage we are
cautiously optimistic that demand will be strong for the rest of
the calendar year, but that margins will come under increasing
pressure.
The Company's interim results for the six months ending 30
September 2021 will be announced on 25 November 2021.
Results of Annual General Meeting
The Annual General Meeting ("AGM") of James Latham plc took
place at 12.00pm on Wednesday 25 August 2021. A quorum was present.
Due to COVID-19 restrictions, the AGM took place behind closed
doors and the resolutions were passed by proxy voting, the details
of which are shown below.
There were 9,328,869 votes cast.
Resolution 1 - To receive and adopt the Directors' Report and
Accounts for the year ended 31 March 2021 together with the
Independent Auditor's report thereon. Votes in favour 9,232,585 or
99.88%. 84,991 votes were withheld. The resolution was passed.
Resolution 2 - To declare the final dividend recommended by the
directors on the ordinary shares of the Company. Votes in favour
9,328,869 or 100%. The resolution was passed.
Resolution 3 - To re-elect Fabian French as a director, who
retires by rotation. Votes in favour 9,322,573 or 99.97%. 3,720
votes were withheld. The resolution was passed.
Resolution 4 - To re-elect Paula Kerrigan as a director, who
retires by rotation. Votes in favour 8,824,763 or 94.63%. 3,720
votes were withheld. The resolution was passed.
Resolution 5 - To re-elect David Dunmow as a director, who
retires by rotation. Votes in favour 9,258,462 or 99.28%. 3,720
votes were withheld. The resolution was passed.
Resolution 6 - To re-elect Andrew Wright as a director, who
retires by rotation. Votes in favour 8,596,776 or 92.30%. 15,013
votes were withheld. The resolution was passed.
Resolution 7 - To re-appoint RSM UK Audit LLP, Chartered
Accountants, as auditors. Votes in favour 9,328,203 or 100%. 535
votes were withheld. The resolution was passed.
Resolution 8 - To approve the Directors authority to allot
shares. Votes in favour 9,297,522 or 99.67%. 322 votes were
withheld. The resolution was passed.
Resolution 9 - To approve the Disapplication of pre-emption
rights. Votes in favour 8,907,481 or 96.36%. 84,778 votes were
withheld. The resolution was passed.
Resolution 10 - To give Authority to the Company to purchase its
own shares. Votes in favour 9,321,283 or 99.93%. 940 votes were
withheld. The resolution was passed.
The shareholders had been given the option to ask questions to
the board via email. The Company Secretary has confirmed that no
questions have been received, that have not been dealt with in the
Trading Statement.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
For further information please visit
www.lathamtimber.co.uk/investors or contact:
James Latham plc Tel: 01442 849
100
Nick Latham, Chairman
David Dunmow, Finance Director
SP Angel Corporate Finance
LLP
Matthew Johnson / Charlie Tel: 0203 470 0470
Bouverat (Corporate Finance)
Rob Rees (Corporate Broking)
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END
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