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James Latham (LTHM) investor relations material
James Latham H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for the year to 31 March 2025 was £366.6m, nearly flat year-over-year, with like-for-like volumes up 2.2% and delivered business up 2.4%.
Profit before tax fell to £24.3m from £30.3m, and profit after tax declined to £18.1m from £22.7m year-over-year.
Gross profit margin slightly decreased to 16.8% from 16.9%, reflecting a shift to lower-value products and competitive pressures.
Net assets increased to £220.5m, with inventory and receivables both rising modestly; cash and cash equivalents remain strong at £65.5m.
Final dividend of 27.3p per share declared, bringing the total for the year to 35.25p, covered 2.6 times by earnings.
Financial highlights
Operating profit dropped to £20.2m from £26.1m year-over-year.
Earnings per share (basic) decreased to 90.1p from 112.7p year-over-year.
Total comprehensive income for the year was £17.3m, down from £28.4m.
Inventory increased to £65.7m from £61.7m, and bad debts remained low at 0.13% of revenues.
Cash flow from operating activities was £17.0m, down from £23.6m the previous year.
Outlook and guidance
Trading margin and volumes have improved slightly in the new financial year, with no current price weakness in the product portfolio.
Manufacturers face cost pressures, likely leading to price inflation over the coming year.
Demand for solid timber products is showing signs of recovery, expected to continue.
Customer confidence and order books are stronger than the same period last year.
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