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Eurocell reports “solid financial results”
Eurocell, the manufacturer, distributor and recycler of window, door and roofline PVC building products, delivered a “solid financial performance” in 2022, despite an increasingly challenging backdrop and strong 2021 comparatives.
According to preliminary results for the year ended 31 December 2022, revenue grew 12% to £381.2m, up from £339.8m in the year prior. Meanwhile underlying adjusted profit before tax increased slightly to £28.7m, from £27.7m, though reported pre-tax profit dipped to £26.2m from £27.7m.Mark Kelly, Chief Executive of Eurocell plc, said: “In 2022, the business responded well to major challenges to report solid financial results for the year, with progress in sales and adjusted profits against a very strong 2021.
“Looking ahead, in preparation for tougher market conditions, we completed a restructuring programme in Q4 2022 to reduce operating costs, and in December, to further simplify the business, we sold the trade and assets of Security Hardware.
“We continue to take market share and have increased the run rate on new fabricator account acquisitions, with our pipeline of other potential new customers remaining healthy. Market share gains are further supported by the impact of maturing branches and a widening product range, all underpinned by very high product availability and increasingly efficient operations.
“For the current year, the latest construction industry forecasts recognise the currently challenging market conditions and ongoing macroeconomic uncertainty. However, we have acted swiftly on cost to prepare the business for 2023 and we expect our strategy to enable us to optimise performance in our markets.”
With £2m to spend, LEP asks training providers for skills bootcamp proposals
Colleges and training providers in Greater Lincolnshire are being asked to submit proposals for Skills Bootcamps to reflect future training needs.
Record new orders and strong financial performance for East Midlands manufacturer
- A £2.3m contract to manufacture and install contemporary kitchens for 370 apartments for rent in the centre of Birmingham. The Octagon is a £110m 49-storey tower developed by City Developments and is Deanestor’s second project for Midgard.
- Deanestor’s second kitchen and bedroom fitout project for developer Crown Student Living. This is a £1.6m contract with Winvic at St Ann’s Road in Nottingham, which will provide around 400 new student homes.