Sales up in a tough year for component supplier

Components and furniture fittings supplier Hill’s Panel Products has reported an increase in sales while profit remained strong.

According to its latest filed accounts for the year ended 28 February 2020, total sales rose 2.6% to £34.6m from £33.7m in 2019.

Gross profit dipped from £8.3m from £8.1m, while pre-tax profit resulted at £1.9m, slightly down compared to its profit of £2.6m the previous year.

Stated within its report, the company said that despite the market being tough, it was a “great year”, particularly with its new door line.

“We were probably guilty of using price to chase turnover, which is never a good practice. The outcome was a slightly increased turnover and a reduced margin, but still a healthy profit,” the company added.