Premier Forest Group posts another record year4 June 2019
Premier Forest Group Ltd has posted another record financial year, with annual turnover growth of 12% to £141m in the year ending April 2019.
Operating profits from trading activities were up 53%, while pre-tax profits were more than £5m – lower than the £9m achieved in the previous financial period when Premier recorded capital gain from some property disposal. The actual profit generated from trading activity was up £1.8m.
It is targeting another year of similar organic growth in 2019-20 to help move it towards its short-term goal of becoming a £200m-plus turnover company.
Newport-based Premier is engaged in importing, sawmilling, processing, merchanting and wholesale distribution of timber and wood products.
The past year has seen the acquisition of Merlwood Timber in Haverfordwest in October 2018 and the relocation of Dublin Plywood and Veneer Limited to a new and larger state-of-the-art distribution centre west of Dublin in January 2019.
Revenues continue to grow equally on both sides of the Irish sea, with Ireland contributing 52% of sales and 75% of profits on the back of its continuing economic recovery and high growth rate, particularly in the construction sector.
The UK side of the group showed significant growth and profit generation in spite of a range of external issues, including reduced domestic investment.
“Despite that ongoing uncertainty, we are still targeting a further £10m-£15m of organic revenue growth in the new financial year,” said Premier Forest Group CEO and co-founder Terry Edgell.
“The outlook of the company continues to be one of optimism and ambitious growth.”