- Timber and panel products distributor James Latham cut its final dividend despite reporting an uptick in profit on higher revenue.

For the financial year to 31 March 2020, pre-tax profit rose £0.4m to £12.5m on-year and revenue was up 5.15% to £247.1m.

'Like for like volumes increased by 1.8%, with the growth mainly on delivered business from our own warehouses, with a reduction in direct volumes shipped from the ports or from the manufacturers,' the company said.

The company declared a final dividend of 10.0p a share, down from 12.9p last year.

Following a challenging month in April, with sales at 40% of April 2019 sales, the company said it had seen early signs of improvement in May.

'We have seen more customers coming back to work throughout May, with positive trends on numbers of orders taken and total number of trading customers, with sales at 60% of May 2019 sales. This positive trend is continuing in June, and sales are expected to be 80% of June 2019 sales,' the company said.

At 9:30am: [LON:LTHM] Latham James PLC share price was 0p at 840p

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