Recently filed accounts at Companies House for the year to October 2022 show a 24% increase in turnover to £113.5 million, a pre-tax profit up by 14.8% to £3.5 million and a strong working capital base.
A multi-million-pound outlay in our eleventh branch at Billingham has been instrumental in seeing our family owned and managed business leverage further operational and logistical efficiencies and thus enhance our overall customer offering.
Managing Director Mark Richardson commented on the newly published financial results: “The directors are satisfied by the performance for the year. The first half of 2022 carried on with the construction sector continuing to experience heightened demand for building materials.
“Economic and political developments resulted in a more challenging trading environment for the second half of the year. These variable conditions are widely anticipated to continue throughout 2023”.
Looking ahead, a strong financial footing and robust balance sheet means the business is suitably placed to pursue further expansion opportunities and remains confident of steady growth to continue in both turnover and profitability when more favourable trading conditions return.
Within the next 12 months, in particular, a widespread upgrade to IT infrastructure will help our staff maintain the company's ethos of promoting a people-focused culture.