James Latham (LTHM)

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James Latham LTHM Logo

A timber and panel products distributor engaged in timber importing and distribution.

30-Nov-2017 – 945p – £185.6m – PER 17.1

Results For The 6 Months To End September 2017 – Revenue £107.3m, up 7% on £100.3m with PBT £6.7m, down 12.2% on £7.7m.  EPS 27.8p (2016: 31.2p) a decrease of 10.9%. Pension Deficit down from £16.6m at 31 March 2017 to £8.5m. Interim Dividend same as last year (4.5p). H2 has started well although trading conditions continue to be mixed.

There’s quite a lot to like here although I would not be paying up at this level.

22-Mar-2018 – 694p – £136.3m – PER 13.2

Trading Statement For The 12 Months To End March 2018 – In-line.

I quite like this company but in-line isn’t attracting me (based on the forecasts (on Stockopedia)), I am Neutral for now.

29-Nov-2018 – 625p – £123.1m – PER 10.8

Unaudited Results For The 6 Months To End September 2018 – Revenue up 10.2%, Gross Margin 17.1% (from 17.3%), PBT up about 15% (excluding one off sale of old site).

Seems steady enough, I think my main concern here is where any real growth kicker can come from.

27-Jun-2019 – 835p – £164m – PER 13.2

Results For The 12 Months To End March 2019 – Revenue up 9.4%, PBT flat (£15.3m), EPS up 6.4% and the Dividend is up just under 10%.

Still seems steady enough here but can’t see any kicker for getting past the pedestrian growth here.

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