The latest set of financial results for UK panel products manufacturer West Fraser Europe show that its turnover fell by £65m for the year ended December 31, 2024.
The results, published on Companies House in September show that West Fraser Europe’s turnover for the period was £352m (2023: £417m). The company recorded a loss for the year after taxation of -£12.1m (2023: £4.8m profit after tax).
The West Fraser Europe operation includes an MDF and particleboard mill in Cowie, and OSB mills in Inverness and Genk, Belgium.
West Fraser said turnover decreased during 2024 as challenging macroeconomic conditions in the UK and Europe, driven by high inflation and rising interest rates, had an adverse impact on housebuilding and construction.
The negative impact on consumer confidence led to a softening in demand for the company’s products. Profitability fell due to a combination of lower selling prices and increased raw material and energy costs.
The average number of employees at the company reduced to 478 from 646 in 2023.
The wider West Fraser group, based in North America, operates more than 60 facilities in Canada, the US, the UK and Europe.
Fellow UK panel product manufacturer Kronospan UK, which produces MDF and particleboard, published its last set of results in June 2025, relating to the 12 months ended September 30, 2024.
The results show revenue during the period had been £309m (2023: £354m), down 12%, while profit before tax was £489,000 (2023: £47.4m). Staff numbers for the period were 677 (2023: 660).
Kronospan described the period as competitive due to high interest rates and the elevated costs of living, with selling prices eroded.
Kronospan also reported that following years of strategic investments in its UK facilities, investment activity had been reduced. Investment had included the East Road warehouse and automated stories for board and paper, while smaller expenditure was made in new production equipment.
