UK timber importer and distributor James Latham announced impressive results for the financial year to 31 March 2016.
Group revenue was GBP 185.9 million ($246 million), 6.3% up on last year’s GBP 174.9 million ($232 million) and operating profit was GBP 13.2 million ($16.3 million), up GBP 2.6 million ($3.4 million) from GBP 10.6 million ($14 million).
Pre-tax profit was GBP 12.9 million ($17.1 million), up GBP 2.8 million ($3.7 million) from GBP 10.1 million ($13.4 million) last year and Post-tax profit for the year is GBP 10.5 million ($14 million), up from last year’s figure of GBP 7.8 million ($10.3 million).
Commenting on the results, Chairman Peter Latham said, “Revenue continued to grow during the year due to increased volumes both in ex-warehouse and direct business. Year on year growth slowed in the second half year, however, both our panels and timber divisions grew revenues. Gross margin, before warehouse costs, increased by 1.4 percentage points, due to the higher share taken by our specialist products although margins remained tight on commodity products.
“Timber and panel prices fell slightly during the year, in spite of the weakness in sterling in the second half. Focus panel products including melamine panels and door blanks, continued to show good growth and our high quality, certified sustainable hardwood as well as WoodEx, our brand of engineered timber for the joinery sector, also showed good growth."
