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James Latham plc ( " James Latham " or " the Company " ) Preliminary Results Chairman's statement latham THE NATURAL CHOICE The financial year to 31 March 2022 was a year in which there were considerable challenges to the business . The economy bounced back from the effects of the COVID19 pandemic which put pressure on global supply chains and led to difficulties in obtaining regular supplies of inventory . In addition there were significant increases in the market prices for our products , mainly in the first half of the year . I am therefore very pleased to report unprecedented trading results for the financial year to 31 March 2022 . Revenue for the financial year to 31 March 2022 was £ 385.4m , up 54.0 % on last year's £ 250.2m . Like for like volumes taking into account working days and acquisitions , increased by 11.9 % , with the growth equally on delivered business from our own warehouses and direct volumes shipped from the ports or from the manufacturers . The cost price of our products is on average 36.2 % higher ( 2021 : 7.6 % higher ) than at the start of the financial year . Gross profit percentage for the financial year to 31 March 2022 was 23.8 % compared with 18.0 % in the previous financial year , and 26.4 % reported in the half year accounts . This figure includes warehouse costs and we are continuing to extend the shift systems to improve our service levels with six of our depots now working 24 hours a day . Profit before tax is £ 58.0m , up £ 39.4m on last year's £ 18.6m . Profit after tax for the year is £ 45.6m , up from last year's £ 15.0m . Earnings per ordinary share is 229.3p ( 2021 : 75.4p ) an increase of 204.1 % . As at 31 March 2022 net assets have increased to £ 164.0m ( 2021 : £ 118.0m ) . Inventory levels have increased to £ 74.2m from £ 48.2m last year . This is partly to do with increased inventory in our new business , IJK Timber , based in Northern Ireland , but mainly due to increases in prices for our products and extended lead times for our imported products . Trade and other receivables at the year end were £ 20.3m higher than the previous year due to the increase in revenues but are still showing an improvement on last year's debtor days . Despite the challenges of the economic environment , bad debts have remained small at 0.1 % of revenues . Cash and cash equivalents of £ 37.0m ( 2021 : £ 28.6m ) remain strong with good cash flows from operating activities . Final dividend The Board has declared a final dividend of 27.0p per Ordinary Share ( 2021 : 15.5p ) . This final dividend includes a payment of 8.0p per Ordinary Share to reflect the exceptional results for the year . The dividend is payable on 2 September 2022 to ordinary shareholders on the Company's register at close of business on 5 August 2022. The ex - dividend date will be 4 August 2022. The total dividend per ordinary share of 33.5p for the year ( 2021 : 21.2p ) is covered 6.8 times by earnings ( 2021 : 3.6 times ) . Current and future trading The strong results seen in this financial year 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 .