DONALDSON TIMBER ANNOUNCES ANOTHER YEAR OF STRONG PERFORMANCE

Fife-based timber specialist, James Donaldson & Sons Ltd has announced its end of year results. Turnover for the year ending 31st March 2017 increased from £127m to £137m and pre tax profit increased by almost 31% to £7.8m.

Non-Executive Chairman, Neil Donaldson commented, “The business has recorded another year of stellar growth and, alongside a difficult but positive market for house building and construction, we are pleased to see our market share continuing to grow.”

Scott Cairns (Group Managing Director) said, “This is our fourth successive year of strong growth and a testament to an incredibly talented workforce and record levels of investment since we emerged from the downturn.

Early negative market reactions to the Brexit vote of June 2016 quickly passed and all sectors and all of our businesses performed well in the year, cumulating in our strongest year of our 157 year history,

One stark result from the June 2016 vote was the immediate weakness in sterling which continues today. Raw material prices have increased sharply as a result and we and our clients alike are having to deal with these new cost realities.

During the year we acquired Nu-Style Products Ltd in Aberdeen which has been an excellent enhancement to our Group.

This year has started positively, however, there is no doubt that the General Election result and political machinations generally relating to Brexit, partisan politics or the omnipresent Scottish Independence question have and continue to dent consumer and business confidence and we can see early economic warning signs in our market as a result.

The Group today face those challenges from a position of strength and, macro factors aside, we remain committed to our clients and to being their supplier of choice.”

James Donaldson & Sons Ltd incorporates James Donaldson Timber Ltd, Donaldson Timber Engineering Ltd, MGM Timber (Scotland) Ltd, James Donaldson Insulation Ltd and Nu-Style (Products) Ltd and operates from 28 sites across the UK.