The Northumberland-headquartered UK arm of a global wood-based panel manufacturer has a “stable financial basis”, following a year where turnover passed £400m, but profits were impacted by economic uncertainty and volatility.
Egger UK manufactures its products for customers primarily in the furniture, construction and distribution markets.
For the year ended 30 April 2023, turnover increased from £398.8m to £432.5m.
Pre-tax profit also increased slightly from £49.9m to £50m, while net profit dipped from £39.7m to £38.8m. EBITDA slipped by 3.7 per cent to £64.2m.
Bernd Steinlechner, financial director for the Western Europe Division, said that he was “pleased” to conclude “another successful financial year, especially in the current more difficult macroeconomic situation”.
“Our stable financial basis, as well as our approach of sustainable and responsible management, which we have always lived by, provide us with stability even in these challenging times”, he said.
Steinlechner noted that the year was impacted by the crisis in Ukraine, volatile energy and raw materials markets as well as persistently high inflation.
He said: “It is difficult to make a forecast for the coming months. Nevertheless, we are convinced that we have set the right course with our strategic orientation of long-term growth based on our own performance.
“We continue to focus on our wide product range, market diversification, stable relationships with our partners, and constant innovation for our customers. In addition, we will focus heavily on further improving our sustainability performance. ”
The financial director thanked Egger’s 800 employees working in the UK.
Andrew Tait, commercial director for the Western Europe Division, added: “Market demand continued to be relatively strong throughout 2022/23. The core kitchen, bedroom, bathroom and construction sectors returned to more normal levels of activity during the year, and EGGER’s diverse customer and sector base enabled us to maintain good overall sales volumes.
“Our focus continues to be maintaining high levels of service, innovation, and customer engagement, to ensure that we can continue to react to, and perform in, the more challenging market conditions that we expect to face in the coming period. We remain optimistic for the future of the sector, despite the economic circumstances.”
Original source: Wood manufacturer stable in “challenging times” | Insider Media
