James Latham, British timber importer and distributor, recorded a set of healthy annual financial results for FY2016/17 ( ended March 31, 2017).
According to the announcement, the company made pre-tax profits of GBP 13.8 million (GBP 12.9 million in the previous year). The group’s revenue accounted for GBP 198.8 million, 6.9% up on last year’s GBP 185.9 million. The operating profit increased to GBP 14.2 million from GBP 13.2 million. James Latham’s cash reserves stood at GBP 17.2 million compared to GBP 16.8 million last year.
The company explains the revenue growth during the year with higher prices resulting from the weakness of sterling against both the dollar and the euro and with increased volumes ex-warehouse. Panel and timber prices rose sharply during the year, due to the weakness in sterling. Focus panel products including melamine panels and door blanks continued to show good growth. Certified sustainable hardwood for the joinery sector also showed good growth.
In 2017/18 financial year, like-for-like revenue, both in panels and timber, is 3% higher for April and May than the corresponding period last year which had two more working days. However the gross margin is still under pressure.
About James Latham:
The compmany is reported to be the UK’s biggest independent importer and distributor of timber and panel products.