North East builders’ merchant JT Dove traded strongly through the pandemic to post a 14% lift in profits.
The Newcastle-based firm, which has sites across Tyne and Wear, Northumberland, Cumbria, County Durham and Teesside, saw a lift in turnover and profits in 2020, despite being impacted by the arrival of the pandemic in March of last year.
In accounts for the year ended December 31 2020 the company said it had faced significant challenges at the start, but that it recovered strongly later in the year.
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JT Dove, which had 297 staff over the year, has also opened two more branches – one through acquisition – since the start of the coronavirus pandemic.
Turnover rose 2.5% to of £67.1m, and operating profit rose 14.1% to £3.6m. Year-end net assets were £15.3m, up from £13.3m.
In a report accompanying the accounts, managing director Steve Robinson said: “Similar to other businesses in the UK in around the world the company faced significant trading and operating challenges during the year as a consequence of the Covid-19 pandemic.
“Some areas of the business were adversely impacted throughout the year and the company as a whole experienced lower than anticipated levels of trade between March 2020 and June 2020, before recovering to a much stronger level of performance later in the year.
“The company’s reported result is very much due to the professionalism and efforts of its staff across all branches to ensure the safety of customers and colleagues.
In September 2020 the company opened its 20th branch at South Shields, which it said has so far seen a positive level of activity.
The accounts include details of how all of its electricity supplies are now to be provided from 100% renewable sources. The company also added how it intends to begin a trial of electric forklift trucks during 2021.
Looking ahead, Mr Robinson said the business started 2021 well.
In the report, he said: “In spite of the threats posed by the Brexit process and the continuing Covid-19 pandemic, the business has begun 2021 strongly and the directors are encouraged by performance in the year so far. In March 2021, the company acquired its 21st branch at Shotton colliery via its purchase of The Builders Warehouse (North East) Ltd which it acquired on March 26 2021.”
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