James Latham (AIM:LTHM) – a great business in an awful market
The AIM panel and timber distributor announced exceptional results in the circumstances although the short term outlook is clearly tough
Group revenue for the financial year ending 31st March 2012 was up 10.4% to £143,645,000, 10.4% although operating profit was down marginally £347,000 to £7,723,000 due to lower trading margins and some £150,000 temporary duplication of costs as the company relocated its largest trading site to Leeds during the year. Pre-tax profit was £7,186,000 down from last year’s figure of £8,004,000 which included proceeds of £360,000 from the contract for the sale of their Clapton site in 2004/2005 due to additional development. Earnings per share were 31.9p compared to last year’s 30.8p. Net assets of £46.9m at year end included…