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James Latham PLC - Hertfordshire-based distributor of timber, panels and decorative surfaces - Trebles pretax profit in its financial year that ended March 31 as it recovers from Covid. Pretax profit jumps to £58.0 million from £18.6 million a year ago. ‘There were significant increases in the market prices for our products, mainly in the first half of the year,’ says Chair James Latham. Revenue grows to £385.4 million from £250.2 million. Proposes a final dividend of 27.0 pence per share, up from 15.5p. Brings total dividend to 33.5p from 21.2p a year ago.
Despite positive results, sees ‘increasing uncertainty surrounding the macroeconomic outlook and continuing inflationary pressures on our overheads’. Says firm will relocate its head office to a more modern office to further develop its warehouse at Hemel Hempstead.
Current stock price: 1,403.84 pence, up 3.8% on Wednesday
12-month change: up 20%
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