An 11.6% increase in turnover to £54m has been recorded by James Latham Group.
Its half year results show pre-tax profits standing at £2.2m, up 60%.
Both James Latham plc subsidiaries saw an increase in sales to September 30 2004. Lathams Ltd external sales rose 11% while Nevill Long Ltd sales were up 16% on 2003.
The panels and timber divisions of Latham Group also returned substantially improved results, and the recently opened depots at Thurrock, Hemel Hempstead, Dudley and Purfleet produced strong sales and profits.
Chairman Roger Latham said: “These results show a significant improvement on the same trading period for last year across all divisions of the business.
“October and November have also seen good levels of sales and gross margins. However, some panels prices have retreated from the highest levels of a few months ago and I am anticipating that the second six months of the financial year are unlikely to match the first six months in absolute terms, although the result is expected to be satisfactory.”
Mr Latham said significant progress had been made in negotiations with Countryside Properties plc which is buying James Latham’s vacant site at Clapton, London. He added: “We hope to be in a position to make an announcement shortly.”
