The timber and panel products distributor said sales for the six months ended September 30 were up to £74.7m (2011: £74.2m), helped by growth in panel product volumes.
The pre-tax profits were £114,000 down on a year ago. Late orders for Olympics venues helped grow sales, while prices and volumes remained at similar levels to the previous six months. The summer months were “quieter” than usual.
Lathams also reported growing revenue for October and the first half of November, with slightly improved margins.
“Panel products show good growth, although trade in timber products declined, with weaknesses and bad debts in the joinery sector,” said Lathams chairman Peter Latham.
“Bad debts have been below our expectations but will remain a concern over the next few months. We are seeing insurance cover withdrawn or reduced on a number of customers.”
Mr Latham said trading this year had been “exceptionally volatile” and business confidence was fragile, making it difficult to predict far into the future.
Lathams is continuing to take advantage of cash settlement discounts from suppliers where they represent a good return on its cash.
The company made a £257,000 profit from the sale of its old Ossett site.
