Latham(James) PLC Trading Statement and COVID-19 update (0249I)
30 Marzo 2020 - 11:08AM
UK Regulatory
TIDMLTHM
RNS Number : 0249I
Latham(James) PLC
30 March 2020
James Latham plc
("James Latham" or "the Company")
Trading Statement and COVID-19 update
The Board of James Latham provides the following trading
statement ahead of the Company's results for the year ended 31
March 2020.
Revenue and profit before tax for the year ended 31 March 2020
are expected to be in line with market expectations. The Company
had been performing well with improving margins throughout the
second half of the year, until the recent restrictions caused by
the COVID-19 virus.
The Company is closely monitoring the impact of the COVID-19
virus and will continue to refine its contingency plans as more
information becomes available. The health of our staff is of
primary importance and our technology is being used to good effect
to get those that can work at home to work at home.
Customer demand during March has been strong. Following the
announcement by the Prime Minister on the 23 March, many of our
customers providing non essential services are deciding to close.
We are supporting essential businesses who are working with the NHS
to provide temporary hospitals and increased capacity at existing
hospitals. Our customers are adapting their skills to help with the
current crisis. Predicting future demand is very difficult at this
stage, given the unprecedented challenge that we are facing. We
have decided to have a phased closure of some of our depots whilst
retaining the ability to service our important customers who are
providing essential services. At all times we will strive to work
within the guidelines issued by the Government on maintaining safe
distances. This is clearly a difficult time for our staff, and we
will be doing all we can to support them and to secure their jobs
in the longer term.
We are in very close contact with our suppliers, and at this
stage our supply side has remained largely unaffected, but this
situation is changing quite quickly.
The Company's balance sheet remains strong with approximately
GBP14m cash which the Board believes gives James Latham the
strength to deal with the current market uncertainties.
The Board plans to report its preliminary results for the year
ended 31 March 2020 at the end of June 2020, consistent with the
timetable of previous years. However, given recent unprecedented
events, we are mindful of the need to ensure we allow sufficient
time for the auditors to complete their work and to consider any
potential impact on reported results. As a consequence it is
possible that there will be a need to delay the release of the
preliminary results.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
For further information please visit www.lathams.co.uk or
contact:
James Latham plc Tel: 01442 849 100
Nick Latham, Chairman
David Dunmow, Finance Director
SP Angel Corporate Finance LLP
Matthew Johnson / Charlie Bouverat (Corporate Tel: 0203 470 0470
Finance)
Abigail Wayne (Corporate Broking)
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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March 30, 2020 05:08 ET (09:08 GMT)
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