BUILDING material supplier Oregon Timber Frame has swung back into the black in spite of tough conditions in the construction sector.
A pre-tax loss of £316,723 was turned around into a pre-tax profit of £541,336 in 2011 with turnover increasing slightly from £12.3 million to £12.5m.
The Selkirk company, set up in 1998, said more stable timber prices plus cost cutting and efficiencies had helped improve margins and return to profit.
Although the housing sector remains difficult, sales of pre-insulated panels designed to meet sustainability regulations have gone well.
In addition the launch of a new technical division providing energy compliance services for the construction sector also helped financial performance. Chairman Roderick Lawson said: "As directors we are committed to providing our house builder and developer customers with a technically sound service of a high standard and we are pleased that the new activities are contributing so positively to this."
The balance sheet remains strong with net cash increasing from £759,173 to £922,978.
Employee numbers reduced from 87 to 77 in the year which meant staff costs dipped from £2.16m to £2m.
Directors' remuneration increased from £164,767 to £199,925 with the highest paid seeing their emoluments, including a car allowance, rising from £64,600 to £65,200 while pension contributions went from £9,800 to £40,390.
A dividend of £55,938 was paid in 2011 although none was given the previous year. The company also operates from Burton upon Trent, Staffordshire.
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