Timbmet continues profits growth
17 July 2015Timbmet Group has recorded a second consecutive year of annual profits growth - posting an operational profit before exceptional costs of £2.12m.
The company said action in the first half of 2013 to restructure the management team and certain operational elements of the business had been reflected in the results for the last two years.
“Given the actions taken by the group in recent years and the future plans, both supported by an easing of economic pressures, the board is confident that the business will continue to grow and to trade profitably in the current financial year,” said Timbmet chairman Simon Fineman.
The underlying trend for the UK business was an increase of 7.1%, with the overseas business showing a strong growth of 31.1%.
“Overall, group sales fell by 1%, but this includes the discontinuation of low margin direct business to a major DIY chain,” said UK managing director Nigel Cox. “As a result, the gross profit percentage increased by 1.7 percentage points.”
“Our intention now is to invest further by enhancing our stock range and increasing the number of front line sales staff so that customers get the advice and support that they need,” he added.
“Operationally we’re investing in our business infrastructure, expanding our warehouse capabilities and upgrading our fleet to enable us to effectively process the orders and, ultimately, deliver the product.”
