Interim Results

Latham(James) PLC
21 November 2002




            JAMES LATHAM PLC UNAUDITED INTERIM RESULTS FOR THE
                   SIX MONTHS ENDED 30TH SEPTEMBER 2002

Results

Pre-tax profits are £1,341,000 against £1,418,000 for the first six months of
last year. Last year's result included a profit of £107,000 realised on the
disposal of our interest in an associated undertaking. Earnings per Ordinary
Share are 18.2p (2001 19.8p)

Interim Dividend

The Board has declared an interim dividend of 5.25p per Ordinary Share (2001
5.0p) which is covered 3.5 times (2001 4.0 times).  The dividend is payable on
27th January 2003 to shareholders on the register at the close of business on 
6th January 2003. The ex-dividend date is 2nd January 2003.

Lathams Ltd.

Sales are 10.5% ahead of last year. The increase is largely due to the opening,
in July 2001, of new depots at Hemel Hempstead and Dudley. After a difficult
first quarter, margins recovered in the second quarter. This resulted in Lathams
Ltd. making profits substantially ahead of last year in spite of the additional
costs of the new depots.

Nevill Long Ltd.

Nevill Long Ltd. encountered difficult trading conditions. Although sales are
2.7% ahead of last year, the gross margin has been adversely affected by the
competitive market place. Overheads have increased, due partly to opening a new
depot at West Bromwich. Profits are significantly lower than last year.

Relocation from Clapton

The head office, accounts department, and part of the panel products department
moved from Clapton to Hemel Hempstead in July last year. By the end of December
2002, the timber department will have relocated to premises at Purfleet and the
balance of the panel products department will have moved to Thurrock, leaving
the Clapton site vacant.

Planning Consent

Negotiations with the London Borough of Hackney to determine the planning
application for the Clapton site, which was submitted in October 2001,
are making some progress. Despite the resources being devoted to the matter, it 
is still not possible to accurately predict when consent will be obtained.

Current & Future Trading

The third quarter has started well with excellent figures in October. Providing
the market does not falter, Lathams Ltd, should continue to enjoy acceptable
trading conditions, although the imminent move from Clapton will inevitably
incur some additional one-off costs. The market for Nevill Long Ltd's products
is likely to remain difficult.

Roger J Latham                                             21st November 2002
Group Chairman


CONSOLIDATED PROFIT AND LOSS ACCOUNT

For the six months to 30 September 2002

                         Six months to 30       Six months to        Year to 31
                               Sept. 2002       30 Sept. 2001        March 2002
                                unaudited           unaudited           audited

                                     £000                £000              £000

Turnover                           46,769              42,891            86,178

Cost of sales (including
warehouse costs)                  (39,081)            (35,946)          (72,224)

Gross profit                        7,688               6,945            13,954

Selling and Distribution costs     (3,584)             (3,049)           (6,299)

Administrative expenses            (2,969)             (2,782)           (5,378)

Other operating income                 42                  69               128

                                   (6,511)             (5,762)          (11,549)

Operating profit                    1,177               1,183             2,405

Profit on disposal of
associated undertaking                  -                 107               107

Share of profits of associated
undertakings                           40                  10                18

Net interest                          124                 118               240

Profit on ordinary activities
before taxation                     1,341               1,418             2,770

Tax on profit on ordinary
activities                           (398)               (387)             (799)

Profit on ordinary activities
after taxation                        943               1,031             1,971

Dividends  - preference               (39)                (39)              (79)
           - ordinary                (265)               (250)             (801)

Retained profit                       639                 742             1,091

Earnings per ordinary share          18.2p               19.8p            37.8p

Notes

1.     The results for the six months ended 30 September 2002 and 30 September  
       2001 are unaudited and prepared on the basis of the accounting policies 
       set out in the Group statutory accounts for the year ended 31 March 2002.
       The results for the year ended 31 March 2002 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 5.25p per ordinary
       share which will absorb £264,600 (2001: 5.00p absorbing £252,000),
       payable on 27 January 2003 to shareholders on the Register at the close
       of business on 6 January 2003. The ex-dividend date is 2 January 2003.
       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, Unit 3 Swallow Park, Finway Road, Hemel Hempstead, Herts
       HP2 7QU.

4.     The Group had no recognised gains or losses for the six months to
       30 September 2002 other than the results shown above.


CONSOLIDATED BALANCE SHEET

As at 30 September 2002
                                               As at 30 Sept.
                           As at 30 Sept.          2001           As at 31 March
                           2002 unaudited       unaudited          2002 audited
                                   £000            £000                   £000

Fixed assets
Intangible fixed assets             424             451                    438
Tangible fixed assets            11,977           5,303                  7,814
Investments                         523             424                    481

                                 12,924           6,178                  8,733

Current assets
Stocks - goods for resale        14,447          15,236                 13,316
Debtors                          20,305          20,926                 19,428
Investments                           0           1,143                    389
Cash at bank and in hand            642             574                    421

                                 35,394          37,879                 33,554

Creditors: amounts
falling due within
one year                        (15,993)        (16,497)               (13,830)

Net current assets               19,401          21,382                 19,724

Total assets less
current liabilities              32,325          27,560                 28,457

Creditors: amounts
falling due after more
than one year                    (4,355)           (625)                (1,118)
Provisions for liabilities
and charges                        (771)           (724)                  (779)

Total net assets                 27,199          26,211                 26,560

Represented by:

Capital and reserves
Called up share capital           6,027           6,027                  6,027
Capital reserve                       3               3                      3
Revaluation reserve                 149             149                    149
Profit and loss account          21,020          20,032                 20,381

Shareholders' funds              27,199          26,211                 26,560

Attributable to equity
shareholders                     26,212          25,224                 25,573
Attributable to non-equity
shareholders                        987             987                    987


CONSOLIDATED CASH FLOW STATEMENT

For the six months to 30 September 2002

                                           Six months to 30    Six months to     Year to 31
                                           Sept. 2002          30 Sept. 2001     March 2002
                                           unaudited           unaudited         audited

                                               £000                £000           £000

Cash flow from operating activities             623              (2,514)           892
Dividend received from associate                 10                   7              7

Returns on investments and servicing of finance
Interest received and similar income            161                 295            474
Interest paid                                   (32)                (67)          (125)
Preference dividend paid                        (39)                (39)           (79)

Net cash inflow from returns on investments
and servicing of finance                         90                 189            270

Taxation                                       (307)               (385)        (1,041)

Capital expenditure and financial investment
Purchase of tangible fixed assets            (4,322)               (625)        (2,084)
Purchase of own shares                          (20)                (39)           (98)
Proceeds of sale of tangible fixed assets 
and property                                                          2             24

Net cash outflow from capital expenditure and
financial investment                         (4,342)               (662)        (2,158)

Acquisitions and disposals                        0                 255            255

Equity dividends paid                          (554)               (502)          (751)

Cash outflow before use of liquid resources
and financing                                (4,480)             (3,612)        (2,526)

Management of liquid resources
Sale of UK listed investments                   379                 (64)           715

Financing
Bank loans repaid during the period            (333)               (333)          (666)
Bank loans obtained during the period         3,569

Short term borrowings obtained during the 
 period                                         150                 100             -

Net cash outflow from financing               3,386                (233)          (666)

Decrease in cash for the period                (715)             (3,909)        (2,477)

Reconciliation of net cash flow to movement in net debt

Decrease in cash for the period                (715)             (3,909)        (2,477)

Cash outflow from decrease in debt and
 lease financing                             (3,386)                233            666

Cash outflow (inflow) from increase in
liquid resources                               (379)                 64           (715)

Movement in net debt for the year            (4,480)             (3,612)        (2,526)
Net (debt) funds as 1 April 2002               (394)              2,132          2,132

Net debt at 30 September 2002                (4,874)             (1,480)          (394)


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