According to the Timber Trades Journal, James Latham plc, a timber products distributor from the United Kingdom (U.K.), has brought back more robust annual financial results, having posted pre-tax profits of £13.8 million for the year ended March 31, 2017, as compared to the £12.9 million they recorded in 2016.
Group revenue saw a 6.9 per cent bump upward, to £198.8 million from the £185.9 seen in 2016, and similarly, operating profit increased to £14.2 million from £13.2 million, and cash reserves rose to £17.2 million as compared to the £16.8 million the year before.
The company’s revenue grew during financial year due to the prices of timber and panels shooting up, a consequence that arose from the weakened sterling against the U.S. dollar and Euro. Additionally, focus panel products (FPPs), including door blanks and melamine panels, continued to show steady growth alongside certified sustainable hardwood.
In the current financial year, panels and timber are already showing a three per cent increase in the months of April and May as compared to the corresponding period in 2016. However, James Latham’s gross profit is still under scrutiny and pressure.
James Latham has released a statement saying that it intends to continue pinpointing opportunities for growth and to debut and promote new products. Additionally, construction of the new site at Yate, South Gloucestershire, will soon be completed and the company is planning to move soon in July.
Negotiations for the construction of a new site at Wigston, Leicestershire, are also at an advanced stage, and James Latham will also be shifting there by the end of the financial year.