- James Latham hiked its dividend after reporting a sharp uptick in annual profit on higher revenue and a decline in selling and distribution costs amid as the pandemic-impact disrupted activity

For the year ended 31 March 2021, pre-tax profit was £18.6 million, up £2.9 million on last year's £15.7 million, while revenue increased 1% to £250.2 million.

The company declared a final dividend of 15.5p per share, up from 10p per share last year, taking the total dividend per ordinary share to 21.2p for the year, up from 15.5p last year.

'The strong demand seen towards the end of this financial year, has continued into the new financial year, with margins also improving,' the company said.

Looking ahead, the company said supply chain issues would likely continue, and margins were likely to run above normal over the next few months, but ultimately return to normal levels.

'The outlook is difficult to predict, but the current challenging supply situation looks set to continue through 2021, but visibility beyond that is much more uncertain, but we know that the market will change at some point,' the company said.

'Whilst the supply side remains challenging we would expect our margins to be better than normal for the next few months, but returning to normal after that, and as we know from experience in our industry, the balance between supply and demand will change,' it added.

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