Revenue and profits grow for James Latham

The figure of £385.4 million compared to £25.2m in 2020-2021 for the group which has one of its depots in Dudley.

It was helped by the economy bouncing back from the effects of the Covid-19 pandemic which put pressure on global supply chains and led to difficulties in obtaining regular supplies.

Chairman Nick Latham said there were significant increases in the market prices for its products, mainly in the first half of the year. .

He described the trading results for the year as unprecedented

Pre-tax profit was up from £39.4m to £58m.

Inventory levels have increased to £74.2m from £48.2m last year partly due to increased inventory in new business IJK Timber, based in Northern Ireland.

The strong results seen in 2021-2022 have continued into the new financial year, with volumes and margins comparable to those achieved in the second half of 2021/22.

"The supply of many of our key products has become a little easier but there are still a few notable challenges, including obtaining alternative supplies to replace products that previously were sourced from Russia. We are starting to see signs that cost prices are weakening in some of our major product groups, but the continuing supply chain issues and supplier cost pressures on raw material, logistics, power and other overheads, are tempering these price weaknesses.

"I would like to thank all of our key suppliers for supporting us during this financial year," said Mr Latham.