James Latham's half-year operating profit increased to GBP 3.35 million ($5.6 million)

Dec 02, 2009. /Lesprom Network/. Wood-based panel products distributor James Latham Plc announced an increase in its half-yearly profit, but revenues decreased on difficult trading conditions in the sector and the UK economy. The company's six-month profit, after tax, attributable to equity shareholders of the parent company was GBP 2.25 million ($3.73 million) , compared to GBP 1.48 million ($2.5 million) in the year-ago period. Profit before tax declined to GBP 3.13 million ($5.2 million) from GBP 3.21 million ($5.3 million) in the prior-year period. Operating profit increased to GBP 3.35 million ($5.6 million) from GBP 3.17 million ($5.3 million) in the year earlier period. Revenues for the six months ended September 30, 2009 were GBP 58.2 million ($96.7 million), 5.9% lower than the previous year's GBP 61.9 million ($102.8 million). Trading margins continued to improve from the low levels at the start of the year and for the 6 months were ahead of the same period of the previous year. Further, the company added that overheads have been reduced as a result of the company's cost reduction programme and improved efficiency has enabled increasing volumes to be handled.