Builders’ merchants Jewson more than doubled pre-tax profit and improved revenue to £1.5bn in the year to December 31 2010.
Owned by Saint Gobain Building Distribution Limited, Jewson’s revenues rose to £1.55bn, from £1.48bn with operating profits at £30.4m up over 400% from a recorded loss of £8.3m for the previous year. Pre-tax profits were £99.5m – up from £44.5m, according to figures
The company statement said: “Despite the difficult market conditions, the company has shown resilience also achieving a like for like sales growth of 3.8% after excluding branches opened and closed during the year.”
The rise in operating profit was out down to cost-savings achieved across the business.
Among the actions taken to improve performance has been the integration of the CP Insulations from Saint-Gobain Building Distribution and the transfer of the Jewson International Timber Supplies division’s trade and net assets to Saint-Gobain.