TIDMLTHM
RNS Number : 1626I
Latham(James) PLC
01 December 2022
James Latham plc
("James Latham" or the "Company")
HALF YEARLY RESULTS FOR THE PERIODED 30 SEPTEMBER 2022
Chairman's statement
Unaudited results for the six months trading to 30 September
2022
Revenue for the six months ended 30 September 2022 was
GBP212.8m, up 9.7% on GBP193.9m for the same period last year. Cost
prices on both timber and panels have risen at a much slower rate
than in the previous financial year but they are remaining stable
and there are currently little signs of price weakness. I am
pleased that volumes have remained at similar levels to the same
period last year, despite the economy being weaker.
Gross profit percentage, which includes warehouse costs, for the
six month period ended 30 September 2022 was 19.4% compared with
26.4% in the comparative six months. We anticipated that the gross
profit percentage would return to more normal levels, and the
percentage achieved is still higher than the ten year average.
Overheads have been well controlled during the six months,
although the increases in inflation especially around energy and
transport costs have inevitably led to an increase in
overheads.
Operating profit was GBP23.5m, down GBP10.6m compared with
GBP34.1m profit for the same period last year. This reduction is a
result of the margins returning to expected levels, but still
represents a significant improvement on historical levels of
operating profit as the exceptional trading conditions start to
normalise. Profit before tax was GBP23.7m compared with GBP34.0m
for the same period last year. The tax charge of GBP4.6m represents
an effective rate of 19.5%. Earnings per ordinary share were 95.6p
compared with 133.5 p for the same period last year.
As at 30 September 2022 net assets are GBP180.5m (2021:
GBP146.4m). Inventory levels of GBP74.6m have stabilised with
supply issues still requiring us to hold a higher volume of
inventory. Trade and other receivables are also similar to the
start of the financial year with bad debts remaining at a low
figure. Cash and cash equivalents of GBP36.9m (2021: GBP24.5m) have
been important to allow us to maintain our investment in working
capital especially the inventory levels. We continue to take
advantage of additional early settlement discount opportunities
with our suppliers.
The calculation of the pension deficit remains sensitive to
changes in assumptions, and the increase in corporate bond yields
has resulted in a surplus at 30 September 2022 of GBP7.3m compared
with a deficit of GBP12,000 in the same period last year. This is
allowing us to undertake a de-risking exercise to reduce the
volatility of this calculation.
Interim dividend
The Board has declared an increased interim dividend of 7.25p
per Ordinary Share (2021: 6.5p). The dividend is payable on 27
January 2023 to ordinary shareholders on the Company's Register at
close of business on 30 December 2022. The ex-dividend date will be
29 December 2022.
Current and future trading
The second half of 2022/23 has started with slightly weaker
volumes than the previous six months to 30 September 2022, with
margins also slightly lower than in the same period. The supply
chain has become easier over the past six months, with fewer
extended lead times on our products. Cost prices of the majority of
our products are stable at the moment, but there are still
uncertainties as to the effect of energy costs and other
inflationary pressures on the overheads for our key manufacturers.
Recent drops in container rates have affected the cost prices for
products that have been shipped via container, but these have been
artificially high since COVID-19 and we expected them to come down
to more normal rates.
There are a few market sectors, such as the merchant sector,
that are quieter at the moment, but many of our other customers
have steady order books and remain busy, but are clearly nervous
looking at the macro economic conditions next year.
I am pleased to report that the Yate extension is now completed,
and this extra capacity will allow us to grow our market share in
the South West of the UK. The board has recently approved a racking
investment at IJK in Northern Ireland, which will enable them to
extend their product range and develop sales. We are continuing to
increase the working hours at our depots with Purfleet becoming the
latest site to be working 24/5 from the beginning of October.
Nick Latham
Chairman
1 December 2022
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended.
For further information please visit www.lathamtimber.co.uk or
contact:
James Latham plc Tel: 01442 849 100
Nick Latham, Chairman
David Dunmow, Finance Director
SP Angel Corporate Finance LLP
Matthew Johnson / Charlie Bouverat (Corporate Tel: 0203 470 0470
Finance)
Abigail Wayne (Corporate Broking)
JAMES LATHAM PLC
CONSOLIDATED INCOME STATEMENT
For the six months to 30 September 2022
Six months Six months Year to
to 30 Sept. to 30 Sept. 31 March
2022 unaudited 2021 unaudited 2022 audited
GBP000 GBP000 GBP000
Revenue 212,797 193,937 385,368
Cost of sales (including warehouse costs) (171,443) (142,822) (293,839)
Gross profit 41,354 51,115 91,529
Selling and distribution costs (12,147) (11,058) (22,151)
Administrative expenses (5,680) (5,924) (11,213)
Operating profit 23,527 34,133 58,165
Finance income 231 10 29
Finance costs (98) (112) (242)
Profit before tax 23,660 34,031 57,952
Tax expense (4,606) (7,463) (12,310)
Profit after tax attributable to owners
of the parent company 19,054 26,568 45,642
Earnings per ordinary share (basic) 95.6p 133.5p 229.3p
Earnings per ordinary share (diluted) 95.2p 133.0p 228.3p
============================================== ================ ================ ==============
All results relate to continuing operations.
JAMES LATHAM PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
For the six months to 30 September 2022
Six months Six months Year to
to 30 Sept. to 30 Sept. 31 March
2022 unaudited 2021 unaudited 2022 audited
GBP000 GBP000 GBP000
---------------------------------------------- ---------------- ---------------- --------------
Profit after tax 19,054 26,568 45,642
Other Comprehensive income
Actuarial gains on defined benefit pension
scheme 3,242 1,047 3,625
Deferred tax relating to components of other
comprehensive income (1,080) (199) (424)
Foreign translation credit/(charge) 492 8 (29)
---------------------------------------------- ---------------- ---------------- --------------
Other comprehensive income for the period,
net of tax 2,654 856 3,172
---------------------------------------------- ---------------- ---------------- --------------
Total comprehensive income, attributable
to owners of the parent company 21,708 27,424 48,814
============================================== ================ ================ ==============
JAMES LATHAM PLC
CONSOLIDATED BALANCE SHEET
At 30 September 2022
As at As at 30 As at 31
30 Sept. Sept. 2021 March 2022
2022 unaudited unaudited audited
GBP000 GBP000 GBP000
ASSETS
Non-current assets
Goodwill 1,363 872 1,372
Intangible assets 1,403 1,570 1,487
Property, plant and equipment 37,278 36,153 36,935
Right-of-use-asset 3,995 3,789 4,154
Retirement benefit surplus 7,318 - 1,119
Deferred tax asset 134 87 154
Total non-current assets 51,491 42,471 45,221
Current assets
Inventories 74,588 69,117 74,230
Trade and other receivables 69,380 68,414 68,332
Cash and cash equivalents 36,939 24,476 37,030
Total current assets 180,907 162,007 179,592
Total assets 232,398 204,478 224,813
------------------------------------------- ---------------- ------------ ------------
Current liabilities
Lease liabilities 1,429 1,243 1,275
Trade and other payables 40,471 45,972 50,876
Current tax payable 268 3,220 400
------------------------------------------- ---------------- ------------ ------------
Total current liabilities 42,168 50,435 52,551
Non-current liabilities
Interest bearing loans and borrowings 592 592 592
Lease liabilities 2,753 2,764 3,133
Retirement and other benefit obligation - 12 -
Deferred tax liabilities 6,369 4,273 4,566
------------------------------------------- ---------------- ------------ ------------
Total non-current liabilities 9,714 7,641 8,291
Total liabilities 51,882 58,076 60,842
Net assets 180,516 146,402 163,971
=========================================== ================ ============ ============
Capital and reserves
Issued capital 5,040 5,040 5,040
Share-based payment reserve 438 268 387
Own shares (708) (326) (873)
Capital reserve 398 398 398
Retained earnings 175,348 141,022 159,019
------------------------------------------- ---------------- ------------ ------------
Total equity attributable to shareholders
of the parent company 180,516 146,402 163,971
=========================================== ================ ============ ============
JAMES LATHAM PLC
CONSOLIDATED CASH FLOW STATEMENT
For the six months to 30 September 2022
Six months Six months Year to
to 30 Sept to 30 Sept 31 March
2022 unaudited 2021 unaudited 2022 audited
GBP000 GBP000 GBP000
-------------------------------------------------- ---------------- ---------------- --------------
Net cash flow from operating activities
Cash generated from operations 11,744 4,620 30,983
Interest paid (26) (27) (59)
Income tax paid (4,043) (2,850) (10,259)
Net cash inflow from operating activities 7,675 1,743 20,665
-------------------------------------------------- ---------------- ---------------- --------------
Cash flows from investing activities
Interest received and similar income 127 10 29
Acquisition of businesses net of cash and
cash equivalents acquired - - (2,238)
Purchase of property, plant and equipment (1,782) (2,231) (4,319)
Proceeds from sale of property, plant and
equipment 56 42 62
Net cash outflow from investing activities (1,599) (2,179) (6,466)
-------------------------------------------------- ---------------- ---------------- --------------
Cash flows before financing activities
Lease liability payments (787) (622) (1,408)
Equity dividends paid (5,380) (3,084) (4,379)
Cash outflow from financing activities (6,167) (3,706) (5,787)
-------------------------------------------------- ---------------- ---------------- --------------
(Decrease)/increase in cash and cash equivalents
for the period (91) (4,142) 8,412
==================================================
Cash and cash equivalents at beginning
of the period 37,030 28,618 28,618
Cash and cash equivalents at end of the
period 36,939 24,476 37,030
================================================== ================ ================ ==============
JAMES LATHAM PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to owners of the
parent company
Share-based
Issued payment Own Capital Retained Total
capital reserve shares reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
As at 1 April 2021 (audited) 5,040 167 (471) 398 113,950 119,084
Profit for the period - - - - 26,568 26,568
Other comprehensive income:
Actuarial gain on defined
benefit
pension scheme - - - - 1,047 1,047
Deferred tax relating to
components
of other comprehensive income - - - - (199) (199)
Foreign translation credit - - - - 8 8
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Total comprehensive income for
the period - - - - 27,424 27,424
Transaction with owners:
Dividends - - - - (3,084) (3,084)
Exercise of options - - (3) - - (3)
Deferred tax on share options - 25 - - - 25
Change in investment in ESOP
shares - - 148 - - 148
Share-based payment expense - 76 - - - 76
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Total transactions with owners - 101 145 - (3,084) (2,838)
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Balance at 30 September 2021
(unaudited) 5,040 268 (326) 398 138,290 143,670
Profit for the period - - - - 19,074 19,074
Other comprehensive income:
Actuarial gain on defined
benefit
pension scheme - - - - 2,578 2,578
Deferred tax relating to
components
of other comprehensive income - - - - (225) (225)
Foreign translation charge - - - - (37) (37)
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Total comprehensive income for
the period - - - - 21,390 21,390
Transactions with owners:
Dividends - - - - (1,295) (1,295)
Exercise of options - (24) 231 - 4 211
Deferred tax on share options - 50 - - - 50
Change in investment in ESOP
shares - - (778) - 630 (148)
Share-based payment expense - 93 - - - 93
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Total transactions with owners - 119 (547) - (661) (1,089)
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Balance at 31 March 2022
(audited) 5,040 387 (873) 398 159,019 163,971
Profit for the period - - - - 19,054 19,054
Other comprehensive income:
Actuarial gain on defined
benefit
pension scheme - - - - 3,242 3,242
Deferred tax relating to
components
of other comprehensive income - - - - (1,080) (1,080)
Foreign translation credit - - - - 492 492
Total comprehensive income for
the period - - - - 21,708 21,708
Transactions with owners:
Dividends - - - - (5,380) (5,380)
Deferred tax on share options - (37) - - - (37)
Change in investment in ESOP
shares - - 166 - - 166
Share-based payment expense - 88 - - - 88
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Total transactions with owners - 51 166 - (5,380) (5,163)
--------------------------------- ------------ ---------------- ----------- ----------- ------------- ----------
Balance at 30 September 2022
(unaudited) 5,040 438 (707) 398 175,347 180,516
================================= ============ ================ =========== =========== ============= ==========
JAMES LATHAM PLC
NOTES TO THE HALF YEARLY REPORT
1. The results presented in this report are unaudited and they have
been prepared in accordance with the recognition and measurement principles
of International Accounting Standards in conformity with the requirements
of the Companies Act 2006 and on the basis of the accounting policies
expected to be used in the financial statements for the year ending
31 March 2023. The half yearly report does not include all the disclosures
that would be required for full compliance with IFRS. The figures
for the year ended 31 March 2022 are extracted from the statutory
accounts of the group for that period.
2. The directors propose an interim dividend of 7.25p per ordinary
share which will absorb GBP1,445,000 (2021: 6.5p absorbing GBP1,293,000),
payable on 27 January 2023 to shareholders on the Company's Register
at the close of business on 30 December 2022. The ex-dividend date
is 29 December 2022.
3. This half yearly report does not constitute statutory financial
accounts within the meaning of section 434 of the Companies Act 2006.
The statutory accounts for the year ended 31 March 2022 were filed
with the Registrar of Companies. The audit report on those financial
statements was not qualified and did not contain a reference to any
matters to which the auditor drew attention by way of emphasis without
qualifying the report and did not contain a statement under section
498 (2) or (3) of the Companies Act 2006. The half yearly report has
not been audited by the Company's auditor.
4. Earnings per ordinary share is calculated by dividing the net profit
for the period attributable to ordinary shareholders by the weighted
average number of ordinary shares outstanding during the period.
Six months Six months Year to
to 30 Sept to 30 Sept 31 March
2022 unaudited 2021 unaudited 2022 audited
GBP000 GBP000 GBP000
Net profit attributable to ordinary shareholders 19,054 26,568 45,642
Number '000 Number '000 Number
'000
Weighted average share capital 19,926 19,896 19,905
Add: diluted effect of share capital options
issued 95 79 85
Weighted average share capital for diluted
earnings per ordinary share calculation 20,021 19,975 19,990
---------------- ---------------- --------------
5. Net cash flow from operating activities
Six months Six months Year to
to 30 Sept to 30 Sept 31 March
2022 unaudited 2021 unaudited 2022 audited
GBP000 GBP000 GBP000
Profit before tax 23,660 34,031 57,952
Adjustment for finance income and expenditure (133) 102 213
Depreciation and amortisation 2,091 2,002 4,128
(Profit)/loss on disposal of property,
plant and equipment (51) 105 50
Increase in inventories (358) (20,855) (23,990)
Increase in receivables (1,048) (20,585) (18,034)
(Decrease)/increase in payables (9,652) 11,264 13,940
Retirement benefits non cash amounts (2,853) (1,520) (3,445)
Share-based payments non cash amounts 88 76 169
Cash generated from operations 11,744 4,620 30,983
---------------- ---------------- --------------
6. Copies of this statement will be posted on our website, www.lathamtimber.co.uk/investors
A copy can be emailed or posted upon application to the Company Secretary,
James Latham plc, Unit C2, Breakspear Park, Breakspear Way, Hempstead,
Herts, HP2 4TZ, or by email to plc@lathams.co.uk
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