James Latham says Covid-19 could delay results
By Sean Farrell
Date: Monday 30 Mar 2020
(Sharecast News) - James Latham said it may have to delay its annual results after the Covid-19 crisis began to affect its business.
The timber and panelling supplier said revenue and profit for the year to the end of March were on target. The company was performing well with improved margins in the second half of the year until recent restrictions caused by the Covid-19 crisis, it said.
The company is planning to publish its annual results at the end of June according to its normal timetable but the announcement could be delayed, it said.
"Given recent unprecedented events, we are mindful of the need to ensure we allow sufficient time for the auditors to complete their work and to consider any potential impact on reported results," James Latham said.
Customer demand during March was strong but many customers had decided to close after the UK government's restrictions announced on 23 March. James Latham is supporting some customers working to build new hospitals and increase capacity at existing hospitals. It is closing some depots while keeping others open to support essential services.
James Latham said it was in close contact with its suppliers and that supplies were largely unaffected by the crisis so far but "the situation is changing quite quickly".
"The company is closely monitoring the impact of the Covid-19 virus and will continue to refine its contingency plans as more information becomes available," the company said.
James Latham said it had a strong balance sheet and that its £14m of cash would allow it to cope with market disruption.
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