Group see 25% margin increase
Go Interiors Ltd and FGF Ltd have shown margins increase by 25% in their latest published accounts to June 2020. Despite a 10% drop in revenue due to Covid, combined PTP rose by 10% to 1.8m.
As National Drywall and Insulation distribution, Go Interiors are complimented by FGF which manufactures specialist facades and insulation products.
Ahead of the pandemic, the depots outperformed the market, trading at record volumes. The business also expanded in the North East with a new depot in North Shields. During the lockdown period, Go Interiors supplied the Government Nightingale programme and other hospitals in the UK and Ireland with much needed materials. Since the reopening of all depots in May, trading recovered quickly in June reverting back to pre-lockdown.
Following the March lockdown, normal trading volumes resumed and Q1 has seen a healthy 20% growth.
Director Gerard Abbott-Drake said “The hard work and positive attitude shown throughout the recent period of uncertainty have been invaluable. The results are without doubt a reflection of the quality and service provided”
The business continues to actively grow on a number of fronts, and during the year was awarded main distribution rights in the UK for a range of external and internal patented finishing products.
Go Interiors’ sister company FGF Ltd also reported a profit over the period. After acquiring the company in 2017, the board invested heavily over the following two years. In 2018, the business relocated its flagship branch in Birmingham. Transformation to a customer led, quality and service driven business was completed this financial year with a change in managing director and several members of the management team.
This year the investment continued establishing a bigger new depot in the North West with improved transportation links.
Despite the impact of Covid-19 and a changing risk environment, the business improved both gross and net profitability. Like many businesses, the company suffered a decline in turnover immediately following the coronavirus lockdown, but has since returned to normal and expected trading volumes and anticipates further growth.
