Building supplier John N Dunn Group reported it has seen an increase in turnover and has more than doubled its pre-tax profit…
It has seemingly been a good few months for building suppliers, with a number of firms reporting a growth in profits. This has been helped by the government’s drive to develop national infrastructure projects, as well as push for more affordable new homes.
The latest firm to report favourable results is John N Dunn Group. The supplier, which can trace its roots back to the 19th century, has operated a Leeds base since 1977. The firm has its headquarters in Wallsend, but also has offices in Leeds and Broxburn, Scotland.
According to the figures, the group saw its turnover increase for the year to 31 March 2015. This rose from £27.8m compared to the previous year, which saw a figure of £26.1m. The increase, while small, will undoubtedly be welcomed by the firm, which experienced losses each year between 2009 and 2013.
In a strategic report, the firm said: “During the last three financial years the company has put in place measures to safeguard the future of the business.
“We have undergone rigorous cost-cutting and organisational restructuring exercises and negotiated funding facilities sufficient to meet its working capital requirements.
“The directors recognise that the economic climate remains challenging and the construction industry is highly susceptible to liquidity and credit default risk.
“However, conditions within the sector have improved significantly, aided by such government initiatives as the Help to Buy scheme, and as such confidence within the industry is continuing to improve.”
The firm said it remained cautious, as the economic climate is still “challenging”, but said it was confident the sector is “continuing to improve”.