PREMIER Forest Group Ltd has achieved another successive year of record growth, underpinning its status as one of the UK’s fastest growing timber businesses.

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The financial year ending April 2019 saw the group’s sales revenues grow 12pc, by £15million, taking annual turnover to just over £141m.

Pre-tax profits were more than £5 million, with operating profit from trading activities up 53pc.

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While pre-tax profits came in lower than the £9 million achieved in the previous financial period (benefiting from the capital gain of some property disposal), the actual profit generated from trading activity was up £1.8 million.

It is targeting another year of similar organic growth, which will help enable its sustainable journey to its short term goal to become a £200 million-plus turnover company.

The group, headquartered in Newport, South Wales, is principally engaged in the importation, sawmilling, processing, merchanting, and wholesale distribution of timber and timber products.

It operates across 15 sites in the UK and Ireland and includes Premier Forest Products, Premier Forest Processing, Premier Forest Sawmilling, Mill Timber direct, Duchy Timber, Premier Goldberg and seven sites for Brooks Timber and Building Supplies.

The past year has also seen the acquisition of Merlwood Timber in Haverfordwest in October 2018 and the relocation of Dublin Plywood and Veneer Limited to a new and larger state-of-the-art distribution centre west of Dublin in January 2019.

Revenues continue to grow equally on both sides of the Irish sea, with Ireland contributing 52% of sales and 75% of profits on the back of its continuing economic recovery and high growth rate, particularly in the construction sector.

The UK side of the group showed significant growth and profit generation in spite of a range of external issues, including reduced domestic investment.

Premier Forest Group CEO and Co-founder Terry Edgell said:

“We are naturally delighted with this set of results amid a backdrop of the political uncertainty.

“Despite that ongoing uncertainty, we are still targeting a further £10million-£15million of organic revenue growth in the new financial year. This will be a direct result of the group’s strong infrastructure, extensive stock range, efficient distribution model, and its customer-focused sales attitude.

“The outlook of the company continues to be one of optimism and ambitious growth.”