MKM Building Supplies Limited, said it had achieved a solid financial performance as it published full year results for the period ended 30 September 2021.
The Hull-based company said it had delivered a strong profit performance, with an increase of 63% to £84.6m and recorded organic growth across its existing branch network. The company’s debt was successfully refinanced, reflecting the financial strength of the business, MKM said.
Neil Croxson, the chief financial officer, of MKM Building Supplies, said: “Despite the challenging backdrop, we are pleased to report that MKM has continued to perform well.
“The financial performance is characterised by solid results, both at the top and bottom line.
He added: “This reflects the unwavering professionalism and dedication of our staff who are committed to providing the very best customer service, encouraging customers to keep returning to our branches, despite the challenges of COVID.
“It was also a year of continued investment, with the addition of 18 new branches, including six acquisitions, which will support ongoing growth of the business in the current year and beyond.
“I would like to take the opportunity to thank all our staff, customers and suppliers for their ongoing commitment and support.”
A spokesman confirmed that 197 new jobs had arisen from the new branch openings.
A spokesman said: “Each branch is given a high degree of autonomy to utilise local knowledge and expertise, to support staff and provide customers with dedicated service that meets their particular needs.
“During the year, the company continued to focus on reducing its environmental footprint, combined with offering support for the local community and workforce. We are a business with a strong local heritage and ties, employing local people, many of whom have been with us for years, giving added impetus to providing support where we can.”
In July, MKM successfully refinanced the company’s debt, on improved terms. MKM said the refinancing supports the long-term strength of the balance sheet and provides operational flexibility.
MKM said its strong financial performance over the year reflected organic growth through established branches and the opening of new branches, combined with three bolt-on acquisitions.
The statement added: “These achievements were made despite the backdrop of COVID throughout the period, which placed very real challenges on the daily operations of the business, including the supply chain.
“The company would like to thank the enormous effort made by employees, suppliers and the many others that have helped support the success of the business over this time.”
Commenting on its trading outlook, MKM said: “We continue to see strength in the local building supply market, sustained demand in our core market of repair, maintenance, and improvement work, as well as the wider market for new builds, post pandemic.
“This confidence is reflected in the company opening new branches in Bolton, Sutherland, and Skelton in the current year.
“As a result, the company looks forward to the year ahead with continued confidence.”