Many of the largest players in the UK timber products industry are failing to exploit favourable market conditions, according to fresh research.
A report from Stockton-based Plimsoll Publishing Ltd says there is “clear evidence of stagnation” among the top 150 companies in the industry and predicts at least three will have to merge or be taken over.
A total of 32 firms did not make a profit last year and only 34 of the top 100 companies have recorded profit growth in three consecutive years. Thirteen firms did not make any profit during the same period.
The report also says 25% of directors have been in the job less than three years, with 24% of the top 150 company bosses aged over 60 and earning an average salary of £79,000.
