James Latham sees FY revenue in line, profit ahead of market views

Timber and panel products distributor James Latham said on Monday that it expects revenue for the year to the end of March 2017 to be broadly in line with market views, while pre-tax profit is likely to be higher.

In a trading update ahead of the company’s preliminary results in June, James Latham said building work is continuing as planned and to budget at its new depot in Yate and the move to the site is anticipated during August 2017.

In addition, detailed plans have been agreed for the relocation of the Wigston business to a new site, and the company is currently awaiting planning approval.

The group also announced that Peter Latham has decided to retire as chairman and as a director at the annual general meeting in August, and that Nick Latham will take over from that date.

At 1524 GMT, the shares were up 4.7% to 919p.