Timber merchants James Latham saw profits fall in the year to the end of March.
The business, which has its West Midlands warehouse at Yorks Park, Dudley, also saw revenue decline 10.2 per cent from £408.3 million in 2022-2023 to £366.5m.
Pre-tax profits were down from £44.5m to £30.3m.
Chairman Nick Latham said normal market conditions had returned following three years of unprecedented challenges and opportunities, which had provided the group with exceptional profits.
He said that the shipping attacks in the Red Sea had an adverse impact on container rates.
“The impact of inflation and higher interest rates has continued to be challenging with negative consumer confidence levels for much of the year affecting outputs in some of our key sectors. Construction has had a challenging year, and although this does not directly affect us, many of our larger manufacturing customers supply product into this sector. The strength of our results are testament to the depth and breadth of our customer base and the diverse market sectors within which we operate,” he added.
The board has declared a final dividend of 26p per ordinary share with the total dividend 33.75p for the year.
Mr Latham said current trading was consistent with the second half of 2023-2024.
Source: Annual profits fall for timber merchants | Express & Star (expressandstar.com)
