James Latham interim profits grow

Timber products James Latham posted a rise in interim profits on the back of good revenue growth.

In the six months to 30 September, the group reported a 20% year-on-year increase in pre-tax profit to £6.3m, as revenue rose 7.97% to £96.2m, thanks to higher sales volumes and product mix, which offset a decline in prices.

The London-listed company added it achieved growth in both panel products and timber, specifically in the doors and engineered wood brands Accoya and WoodEx.

"Management information shows growing revenue for October and the first half of November, at slightly improved margins,” said group chairman Peter Latham.

“Market conditions continue to be difficult in some areas, while improving in others.

“We are in a good position with our wide range of customers and we are trading comfortably in line with market expectations.”

The company lifted its interim dividend from 3.7p to 4p per share.

James Latham shares were up 4.12% to 695.00p at 1038 GMT on Thursday.