How Hull-based MKM Building Supplies saw its profit increase to £84.6m

Independent builders merchant MKM Building Supplies has seen profit and revenues increase for the full year ended September 30, 2021, despite a "challenging backdrop".

The Hull-based business reported a 40 per cent increase in annual revenues, up from the previous year when it saw revenue lift by 2.7 per cent. It also saw a strong profit performance, registering an increase of 63 per cent to £84.6m.

Neil Croxson, 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.

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"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."

The Hull-based business reported a 40 per cent increase in annual revenues.

The firm added 18 additional branches - 12 through new branch openings and six through acquisition. MKM also enjoyed organic growth across its existing branch network.

"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," Mr Croxson said.

Founded in 1995 with one branch, MKM has grown to over 91 branches in more than 20 counties in England and Scotland.

MKM said that it had successfully refinanced its debt, reflecting the financial strength of the business.

Founded in 1995 with one branch, MKM has grown to over 91 branches.

The business has been focusing on reducing its carbon footprint with CO² emissions per £1 of sales reducing by 12 per cent.

MKM is looking forward to the year ahead with "continued confidence".

It 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."

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