James Latham (AIM:LTHM) – hardly the most exciting activity but a terrific performer nonetheles
Results from the 200+ year old timber merchants for the financial year to 31 March 2013 were the usual ‘solid’ offering, as befits a business supplying hardwood!
It won’t appeal to many high growth thrill seeking investors but with the shares up over 200% since the dark days of 2008 investors could have done worse.
Group revenue for the financial year to 31 March 2013 was broadly flat at £143m as was operating profit at £7.546m, with slightly higher trading margins offsetting higher operating costs. Pre-tax profit was £6.9m down from the prior year’s £7.186m Eps was 28.4p (2012: 31.9) putting the shares on an historic 11x multiple. Tangible net assets were £47.1m, including cash of £8m, which compares to the current market cap of approx £60m. The pension deficit at £16.8m will be a concern to some however, the business can accommodate it. The final dividend of 7.1p results in a total dividend of…