Timbmet continues to improve profits27 July 2016
The Timbmet Group has reported a third year of stabilising revenues and improvement of both its gross and net profitability.
Timbmet’s annual operating profit was £378,000, compared with £328,000 last year.
“The board is confident that, despite subdued trading as a result of the Brexit referendum, Timbmet is well positioned to grow and to trade profitably in the current financial year,” said chairman Simon Fineman.
The company’s underlying sales trend showed an increase of 4.3%.
“We have continued to win new customers throughout the year due to our excellent service proposition and wide product base,” added UK managing director Nigel Cox.
“However, as a result of continuing market pressures, the gross profit percentage fell slightly from 23.8% to 23.5%.”
“We have continued to invest in our stock ranges and in our warehouse and distribution infrastructure. We have added to the number of front line operational and sales staff, giving our customers the advice and support that they demand.”
Chief Executive Paul Rivers said during the year Timbmet had acquired the freehold of its main warehouse facility at Shellingford from its parent company, as well as renegotiating new bank facilities with Lloyds Bank to give certainty and flexibility needed to invest in and grow the business.