ITM boosts profits fivefold despite supply issues

Darrin Hughes: benefiting from building boom. (Image: Supplied)

Thu, 29 Jul 2021

A booming building sector and demand for supplies has seen Independent Timber Merchants (ITM) push revenue up by $6 million to $63.2m for the year to March 2021.That translated to a fivefold increase in profit and comprehensive income for the year to $4.2m, up from $671,000 in the prior year. Trade and other receivables were also sitting at $95.7m, well up on last year’s $69m.The building cooperative, which has 96 stores and 27 frame and truss sites across the country, pushed its incentive rebates to $43.7m, up $5.7m from 2020’s $37...

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