Despite the impact of nationally imposed restrictions during the first lockdown in Spring 2020, turnover reduced by only five per cent to £68 million, with positive indicators suggesting the current year will see a substantial uplift around the £80 million level. Both operating profit and profit before tax saw similar percentage falls of five percent in the year.
Managing Director, Mark Richardson, said: "We are delighted with the outcome for the year. Helped by strong and clear guidance from our health and safety team, our workforce rose to the challenge in the face of an unprecedented situation. There was an exceptional response across our sales teams in helping new and old customers manage through a somewhat erratic supply chain environment in a Covid safe manner.
Careful cash management under difficult trading conditions has ensured the working capital position is more robust with a reduction in borrowings of over £1 million achieved in the year.
We're continuing to take our corporate responsibility seriously to reduce our carbon footprint. Once again FORS bronze standard was achieved and silver status is being actively pursued for 2021/22 with further investment in staff training and transport infrastructure. This will see the entire wagon fleet being the most environmentally friendly Euro 6 rated by the end of the calendar year 2021.
Builders' merchants are currently experiencing very strong demand across their entire product range and with no apparent indications of easing off any time soon. It speaks volumes for the efforts of our purchasing and logistics team at present to source and supply materials to match current sales performance levels in the face of the supply chain challenges faced at present."
The focus for us now is firmly fixed on continuing on an upward trajectory in 2021.