James Latham (AIM:LTHM) – encouraging AGM statement
The importer and distributor timber which was featured in our Blog ‘Bargain hunt – Chapter 3’ earlier this week has issued a reassuring AGM statement.
The statement confirms that revenue for the first four months of the current financial year (April to July 2015) is 7% higher than the same period last year with margins also higher. Overall the Company is trading in line with full year market expectations, which are currently for pre-tax profit of £10.8m and eps of 44p. There was the usual caution from management with comments how “the trading environment remains competitive, but activity levels continue to improve..” Thankfully bad debts have returned to a more normal level compared to the high levels seen in the same period last year. A…