Builders’ merchant Jewson has reported sales have improved at a number of loss-making branches, pushing the firm back into the black…
Coventry-based builders’ merchant Jewson has seen a number of stores improve their financial outcome, it has emerged.
The firm, which can trace its history back to its first branch opening in 1836, is part of French building company Saint Gobain. It currently has more than 600 branches across the UK and employs nearly 9,000 staff.
According to the figures, Jewson saw a pre-tax profit of £70.5m in the year to 31 December 2014. This was an improvement on the previous year, which saw a loss of £11.5m.
Revenue was also boosted in the same period, seeing a 6.4 per cent increase. This means the figures rose from £1.7bn to £1.87bn in the space of 12 months.
Furthermore, the firm revealed operating profit rose from £3.6m in 2014 to £29.5m.
Jewson said the figures were good due to a “tight control” of overheads.
A statement signed off by directors noted growth had been seen across the three key areas the firm focuses on. This comprises of generalist builders’ merchant; plumbing and heating; and insulation and dry lining.
The directors said the company would continue to focus on improving the outcomes for loss-making branches. Additionally, the statement revealed the firm would focus on specialist areas such as roofing centres and tool hire plants in a bid to grow the firm.
While the news is undoubtedly good, the statement also urged caution, noting that any improvement would be largely dependent on the recovery of the housing sector, as well as the wider economy.