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 
   Nominated Adviser and Broker 
 Matthew Johnson / Charlie Bouverat (Corporate 
  Abigail Wayne (Broking) 

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(END) Dow Jones Newswires

September 02, 2020 07:35 ET (11:35 GMT)