Hadleigh Timber Group posts 2022 pre-tax profit of £19.9m

5 December 2023

The Hadleigh Timber Group Ltd (HTG), one of the UK's leading distributors of wood-based products, has posted a pre-tax profit of £19.9m (2021: £43.5m) for the year ending December 31, 2022.

The accounts, posted on Companies House in October, also detail the performance for its three main operating subsidiaries - Meyer Timber, Panelco and Timbmet. 

Group accounts show a turnover of £234m (2021: £303m) in 2022. The prior year financial performance (2021) included that of Premium Timber Products limited which ceased to trade in December 2021.

HTG stated a profit and loss reserve of £55.6m at the end of 2022.

Subsidiary Meyer Timber recorded pre-tax profit of £6.8m (2021: £11.2m) for the period. Turnover was £80.7m (2021: £82.9m).

Timbmet’s pre-tax profit for the period was £4.3m (2021: £6.2m), with turnover at £58.9m (2021: £55.9m).

Panelco recorded a pre-tax profit of £9.4m (2021: £9.2m), while turnover was £98.5m (2021: £94.9m)

“2023 trading performance started well and continues to be ahead of budget and the business looks forward to building upon the strong financial performance achieved in 2022,” said HTG chairman Christopher Meade.