COOKIES
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In our results for the year ended 31st October 2023, it is clear to see the impact that inflationary pressures, a high interest rate environment and the various cost of living factors have had on our financial performance.
Recently filed accounts at Companies House show a 4.7% drop in annual turnover to £108m and a reduction in profitability to £880k.
Established in 1877 and with the next generation of family pushing into senior management positions alongside joint owners Mark Richardson and Chairman Steve Richardson, the leading North East and Yorkshire independent builders’ merchant remain very proud of their longevity and heritage. An active member of the CBA buying group which represents a group of fellow strong regional independent merchants.
Managing Director Mark Richardson commented:
“Ongoing economic weakness has meant the construction sector has experienced challenging trading conditions throughout 2023. Although recent economic indicators are more positive, lower demand is anticipated to continue well into 2024. Despite this, the business has shown great resilience. Our robust balance sheet, financial discipline and strong working capital position will mean that we are well placed to prosper when markets recover.
On the back of a multi-million pound spend in creating our 11th branch at Billingham last year, a further substantial investment has gone into preparing for the implementation of a new ERP system in 2024. This will enhance our overall customer service offering.
In line with the company’s environmental policy to reduce our carbon footprint, our entire HGV fleet has a Euro 6 rating, all new forklift truck additions since 2021 have been fully electric and we have installed solar PV panels to generate electricity to power 85% - 90% of the usage requirement within one site, ahead of a roll-out to other locations in the years ahead.
We have retained our silver status within FORS (Fleet Operator Recognition Scheme) which promotes best practice for commercial vehicle operators and encompasses all aspects of safety, efficiency and environmental protection”.
From our current position of financial strength, we remain well placed to achieve steady growth in both turnover and profitability when trading conditions improve and are confident to pursue further expansion as and when suitable opportunities arise.