Interim Results

Latham(James) PLC 23 November 2000 JAMES LATHAM PLC UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2000 Chairman's statement Results Pre-tax profits have increase to GBP1,478,000 from GBP1,233,000 for the first 6 months of last year, a rise of 19.9%. Turnover at GBP42.1m has increased by 7.7% on continuing operations. Earnings per ordinary share were 20.3p against 17.4p for the corresponding period last year. Interim Dividend The Board has declared an interim dividend of 4.5p per Ordinary Share (1999 4.0p) which is covered 4.5 times (1999 4.4 times) by earnings per share of 20.3p (1999 17.4p). The dividend is payable on 29 January 2001 to shareholders on the register at the close of business on 8 January 2001. The ex-dividend date is 2 January 2001. Lathams Ltd Lathams Ltd, our panel and timber products distribution company, has achieved much improved results. In particular, the Hardwood Departments throughout the group have produced excellent profits. Our Panel Products Departments have experienced very competitive trading conditions and under the circumstances good results have been recorded at James Latham Midland and at Eastleigh. Nevill Long Ltd Nevill Long Ltd, who distribute suspended ceiling systems, partitioning and dry lining products, have recorded a good result, almost identical to the first 6 months of last year. Current & Future Trading We expect market conditions in the second 6 months to be similar to the first 6 months. October sales across the Group have met budget. Barring unforeseen adverse factors, we will continue to make positive progress. Roger J Latham Group Chairman 23 November 2000 For further information, please contact: Roger Latham, Group Chairman David Dunmow, Finance Director Tel: 0208 806 3333 James Latham Public Limited Company Consolidated Balance Sheet As at 30 September 2000 As at As at As at 30 Sept 30 Sept 31 Mar 2000 1999 2000 unaudited GBP000 unaudited GBP000 audited GBP000 Fixed assets Intangible fixed assets 477 504 490 Tangible fixed assets 4,836 6,194 4,887 Investments 534 663 639 --------- --------- --------- 5,847 7,361 6,016 Current assets Stocks - goods for resale 13,156 14,108 12,306 Debtors 19,380 21,003 17,220 Investments 1,507 1,318 1,467 Cash at bank and in hand 206 272 1,782 --------- --------- --------- 34,249 36,701 32,775 Creditors: amounts falling (13,238) (20,074) (12,335) due within one year --------- --------- --------- Net current assets 21,011 16,627 20,440 --------- --------- --------- Total assets less 26,858 23,988 26,456 current liabilities Creditors: amounts falling (1,188) (1,887) (1,550) due after more than one year Provisions for liabilities (694) (572) (717) and charges --------- --------- --------- Total net assets 24,976 21,529 24,189 ====== ====== ====== Represented by: Capital and reserves Called up share capital 6,027 6,027 6,027 Capital reserve 3 3 3 Revaluation reserve 149 312 149 Profit and loss account 18,797 15,187 18,010 --------- --------- --------- Shareholders' funds 24,976 21,529 24,189 ====== ====== ====== Attributable to equity 23,989 20,542 23,202 shareholders Attributable to 987 987 987 non-equity shareholders ====== ====== ====== James Latham Public Limited Company Consolidated Profit and Loss Account For the six months to 30 September 2000 Six Six Year months months to to to 31 Mar 30 Sept 30 Sept 2000 2000 1999 audited unaudited GBP000 unaudited GBP000 GBP000 Turnover Continuing operations 42,084 39,079 77,825 Discontinued operations - 6,984 8,047 --------- --------- --------- 42,084 46,063 85,872 Cost of sales (including (35,194) (38,401) (71,438) warehouse costs) --------- --------- --------- Gross profit 6,890 7,662 14,434 --------- --------- --------- Distribution costs (2,799) (3,366) (6,276) Administrative expenses (2,631) (2,956) (6,105) Other operating income 57 69 136 --------- --------- --------- (5,373) (6,253) (12,245) --------- --------- --------- Operating income Continuing operations 1,517 1,240 1,994 Discontinued operations - 169 195 --------- --------- --------- 1,517 1,409 2,189 Profit on disposal of - - 3,031 subsidiary undertaking Share of profits of 22 36 31 associated undertakings Net interest (61) (212) (138) --------- --------- --------- Profit on ordinary 1,478 1,233 5,113 activities before taxation Tax on profit on ordinary (430) (330) (590) activities --------- --------- --------- Profit on ordinary 1,048 903 4,523 activities after taxation Dividends Preference (39) (39) (79) Ordinary (222) (197) (1,117) --------- --------- --------- Retained profit 787 667 3,327 ====== ====== ====== Earnings per ordinary share 20.3p 17.4p 89.6p ====== ====== ====== Notes 1 The results for the six months ended 30 September 2000 and 30 September 1999 are unaudited and prepared on the basis of the accounting policies set out in the Group statutory accounts for the year ended 31 March 2000. The results for the year ended 31 March 2000 are extracted from the statutory accounts, on which the auditors issued an unqualified report, and which have been filed with the Registrar of Companies. 2 The directors have declared an interim dividend of 4.50p per ordinary share which will absorb GBP226,800 (1999: 4.00p absorbing GBP201,600), payable on 29 January 2001 to shareholders on the Register at the close of business on 8 January 2001. The ex-dividend date is 2 January 2001. This dividend is accrued in the above figures. 3 Copies of this statement will be sent to all shareholders and will also be available on written application to the Company Secretary, James Latham plc, Leeside Wharf, Mount Pleasant Hill, London E5 9NG. 4 The Group had no recognised gains or losses for the six months to 30 September 2000 other than the results shown above. The figures disclosed for discontinued operations relate to the results of Latham Timber Centres (Holdings) Limited which was sold on 1 November 1999.

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