TIDMLTHM
RNS Number : 8424X
Latham(James) PLC
02 September 2020
James Latham plc
(the "Company")
Trading Statement and Results of AGM
The Chairman of the Company is pleased to provide the following
trading update:
Revenue for the first five months of the current financial year,
namely April to August 2020, is down 20% compared with the same
period last year. However, the positive trend of monthly
improvements in revenues has continued, with July and August this
year being very similar to last year. Revenues from commodity
products have increased in a period where added value business has
been more challenging. It is therefore encouraging to report that
margins have improved a little compared to last year. Costs have
been well controlled throughout this difficult period and the
Company remains profitable, although currently at a lower level
than last year.
The Company's cash position continues to be strong, and bad
debts remain at a low level.
Dresser Mouldings, which was acquired in November 2019, has been
successfully integrated into the Latham business, and is starting
to make a positive contribution to our added value timber
business.
Our customers in most market sectors are busy at the moment.
Forward prices of commodity products are rising with some extended
lead times being seen. We are very mindful of the potential impact
of Brexit and also the possibility of further spikes in COVID-19
cases causing local lock-downs and the affect that this may have on
the wider economy. We are confident that our disaster recovery
plans for these two risks will help manage any impact on the
Company.
The Company's interim results for the six months ending 30
September 2020 will be announced on 25 November 2020
Results of Annual General Meeting
The Annual General Meeting of James Latham plc took place at
12.30pm on Wednesday 2nd September 2020. A quorum was present. Due
to COVID-19 restrictions, the AGM took place behind closed doors
and the resolutions were passed by proxy voting, the details of
which are shown below. There were 7,299,719 votes cast.
Resolution 1 - To receive and adopt the Directors' Report and
Accounts for the year ended 31 March 2020 together with the
Independent Auditor's report thereon. Votes in favour 7,274,221 or
99.87%. 15,722 votes were withheld. The resolution was passed.
Resolution 2 - To declare the final dividend recommended by the
directors on the ordinary shares of the Company. Votes in favour
7,299,719 or 100%. The resolution was passed.
Resolution 3 - To re-elect Fabian French as a director, who
retires by rotation. Votes in favour 7,279,347 or 99.76%. 2,900
votes were withheld. The resolution was passed.
Resolution 4 - To re-elect Paula Kerrigan as a director, who
retires by rotation. Votes in favour 7,107,412 or 97.40%. 2,900
votes were withheld. The resolution was passed.
Resolution 5 - To re-elect Piers Latham as a director, who
retires by rotation. Votes in favour 7,219,261 or 98.93%. 2,500
votes were withheld. The resolution was passed.
Resolution 6 - To re-appoint RSM UK Audit LLP, Chartered
Accountants, as auditors. Votes in favour 7,281,487 or 100%. 18,222
votes were withheld. The resolution was passed.
Resolution 7 - To approve the Directors authority to allot
shares. Votes in favour 7,259,507 or 99.50%. 3,440 votes were
withheld. The resolution was passed.
Resolution 8 - To approve the Disapplication of pre-emption
rights. Votes in favour 7,247,809 or 99.29%. The resolution was
passed.
Resolution 9 - To give Authority to the Company to purchase its
own shares. Votes in favour 7,265,711 or 99.91%. 27,662 votes were
withheld. The resolution was passed.
The shareholders had been given the option to ask questions to
the board via email. The Company Secretary has confirmed that the
following questions have been received.
In the event of a data failure at the main data centre what
would be the timeframe bringing the secondary data centre into
operation? It depends on the extent of the data failure. Taking the
extreme situation of a catastrophic failure at the primary data
centre, our testing has shown that it will take between 24 to 48
hours for complete recovery of the system although key elements of
the system will be back sooner than that.
In the event of existing or future Covid-related localised
lockdown, are all key staff able to work from home without security
risk? Yes, all key staff can work at home, except of course for
warehouse and transport staff which need to be physically present
under our COVID19 safe working practices. We have strong 2 factor
authentication systems applied before allowing remote logon.
Is there any financial connexion (sic) or JV between JL and
Accsys Technologies apart from the obvious customer / supplier
relationship? No, our relationship is purely a trading
relationship.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
James Latham plc Tel: 01442 849 100
Nick Latham, Chairman
David Dunmow, Finance Director
S P Angel Corporate Finance Tel: 020 3470 0470
LLP
Nominated Adviser and Broker
Matthew Johnson / Charlie Bouverat (Corporate
Finance)
Abigail Wayne (Broking)
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END
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September 02, 2020 07:35 ET (11:35 GMT)
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