The company described its previous two years of results as disappointing, with sales down as well as earnings. But a further fall in turnover of 6.3% in the first half of 2013 was "strongly reversed" in the second six months. Sales, in fact, rose 10% in the period to end the year 1.7% ahead.
According to chief executive Paul Rivers, the company engineered its own turnaround.
"Our restructuring programme last year and strong operational controls have resulted in a more focused business and helped reduce overheads 17.2%," he said. "The development of our panel offering has also become our primary focus, as this is now the largest part of our business – although it’s encouraging that we have also reversed the decline in our traditional hardwood market, which has returned to growth, and we’ve also seen continued strong growth for our TEC engineered products and Red Grandis."
UK managing director Nigel Cox said that the company had increased its number of active trading customers and their average spend "with minimal impact on gross profit percentage".
"We went back to basics, focusing on customers’ needs, developing the product offering and empowering the workforce," he said. "By working closer with key suppliers we ensured we had the best products available at all times, and cost control was also paramount. Everyone played their part in controlling spending, allowing us to buy 12 new 26-tonne trucks, with another 12 planned for this year or next."
He said that the company’s recovery was set to continue."The market is now fairly buoyant, like for like sales are growing and looking forward we’re expecting to be ahead of budget."
