5.3%profit for James Latham

Timber importer and distributor James Latham posted a 5.3% boost in pre-tax profit to £2.9m in the six months to 30 September. Turnover improved 3.5% to £49m, while operating profit jumped by 40.2% to £2.6m.

Chairman Roger Latham said: "After a disappointing first six months last year, Lathams has performed very satisfactorily in the six months to 30 September. The company is now becoming less dependent on commodity products where prices and margins are more prone to wide fluctuations. "Price increases in the first half have had a beneficial effect on sales and particularly on margins, and the increased profit at Lathams has replaced the shortfall in profit due to the sale of Nevill Long."

The group sold Nevill Long, the ceiling systems specialist distributor with nine branches and 80 staff, to Wolseley UK for £10.3m in March. Prior to its sale, Nevill Long's profits had been volatile.

[Contract Journal, 06  December 2006, p 6]