Eurocell, the manufacturer, distributor and recycler of window, door and roofline PVC building products, delivered a “solid financial performance” in 2022, despite an increasingly challenging backdrop and strong 2021 comparatives.
According to preliminary results for the year ended 31 December 2022, revenue grew 12% to £381.2m, up from £339.8m in the year prior.
Meanwhile underlying adjusted profit before tax increased slightly to £28.7m, from £27.7m, though reported pre-tax profit dipped to £26.2m from £27.7m.
Mark Kelly, Chief Executive of Eurocell plc, said: “In 2022, the business responded well to major challenges to report solid financial results for the year, with progress in sales and adjusted profits against a very strong 2021.
“Looking ahead, in preparation for tougher market conditions, we completed a restructuring programme in Q4 2022 to reduce operating costs, and in December, to further simplify the business, we sold the trade and assets of Security Hardware.
“We continue to take market share and have increased the run rate on new fabricator account acquisitions, with our pipeline of other potential new customers remaining healthy. Market share gains are further supported by the impact of maturing branches and a widening product range, all underpinned by very high product availability and increasingly efficient operations.
“For the current year, the latest construction industry forecasts recognise the currently challenging market conditions and ongoing macroeconomic uncertainty. However, we have acted swiftly on cost to prepare the business for 2023 and we expect our strategy to enable us to optimise performance in our markets.”
