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Eurocell PLC on Friday reported a return to profit for 2021, surpassing pre-pandemic levels as revenue experienced double digit growth on higher sales volumes.
For 2021, the Derbyshire-based window, door and roofline PVC products posted a pretax profit of £27.0 million, returning from a loss of £1.5 million in 2020, and a 19% increase from £22.7 million in 2019.
This was on revenue which grew 33% to £343.1 million from £257.9 million in 2020, and was 23% higher from £279.1 million in 2019. Revenue growth was driven by an increase in selling prices, and high levels of demand from the RMI market.
Eurocell declared a final dividend of 6.4 pence per share, bringing the total payout to 9.6p. No dividend was declared for 2020.
Looking ahead, Eurocell said it expects supply chain constraints to ease over the coming months, and notes that the RMI sector remains robust, with new build continuing to grow and customer demand remaining high.
For the two months ended February 28 sales were up 6% year-on-year.
‘We entered 2021 well placed to take advantage of the continued recovery in our markets. A very good sales performance has been underpinned by the success of our commercial strategies and high levels of demand in the RMI market, and we are very pleased to report good profit growth and a return to the payment of dividends,’ said Chief Executive Mark Kelly.
‘The RMI sector remains robust, new build continues to grow and customer demand levels are good. With operating constraints resolved, our focus for 2022 will be on delivering improved returns from our strong sales growth,’ Kelly added.
Shares in Eurocell were down 1.6% at 214.50 pence on Friday in London.
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