James Latham profit held back as growth concentrates in lower-margin division

James Latham reported a slight decline in first-half profit, even as sales increased, after a rise in volumes from its lower-margin direct-to-customer arm weighed on earnings. The Hemel Hempstead-based distributor of timber, panels and decorative surfaces posted a pre-tax profit of £12.8 million for the six months to the end of September, down from £13.6 million a year earlier. Revenue rose 5.5% to £196.8 million, supported by steady demand across panels and timber products. Cost prices remained largely unchanged throughout the period, creating a stable backdrop for the group ...