Independent builders’ merchant group MKM Building Supplies says it is outperforming the market after publishing positive full year results for the year ended 30 September 2024.
MKM posted a 6.4% increase in annual revenues to £986m (2023: £927m), with profits of £77m (2023: £88m).
“MKM had a strong 2024, significantly outperforming the sector and growing revenues, despite a tough market,” said Kate Tinsley, CEO of MKM.
“We added 11 new branches and kept our focus on great customer service and product availability.
“The market seems to be stabilising with lower interest rates and better consumer spending, leading to more property transactions and mortgage approvals. We’re in a good position to benefit from these positive trends and are excited about the year ahead”.
MKM said its performance was underpinned by branch network growth, high customer service rating, breadth of product availability and range, and local branch autonomy, knowledge and expertise.
Over the last three years there has been an acceleration in the pace of new branch openings, with 48 having been added. The company believes there remains opportunity to materially further increase the network.
Product price deflation was a feature throughout the year although moderating in the last quarter.
