Independent builders merchant Gibbs & Dandy has announced annual pre-tax profits of £4.47m, a 10.8% growth on a year ago.
The Luton-based group, which has a substantial timber and joinery products business, said it also planned to make a further statement “in due course” about current discussions concerning the sale of the company.
The company, which has 11 branches, recorded sales of £62.5m in the year to December 31, 2007, a 7% increase (like-for-like growth of 5.4%).
Managing director Michael Dandy said financial sector uncertainty, rising interest rates and their impact on the housing market and consumer confidence began to be felt during the final quarter of 2007.
“Sales grew in virtually all product areas,” he said. “Building materials and timber now represent an increasing part of our business, the latter enhanced by our recent acquisitions.”
Carson Fletcher Timber Ltd, a £1.87m turnover business, was acquired by the group in February last year.
He said the outlook for the sector was very difficult to predict but noted commentators’ forecasts of a slip in economic growth.
Sales grew by 9.1% in the first two months of 2008 – a 3.1% rise per trading day on a like-for-like basis.
Gibbs & Dandy originally announced in February that it was involved in “early discussions” which may or may not lead to an offer for the share capital of the company.
