Building supplies inflation: ITM pushes up returns 21%

Sale of Tumu ITM, now sold to Placemakers, had no impact on results for current year. (Image: ITM)

Tue, 16 Aug 2022

Independent Timber Merchants (ITM) paid $63.5 million in incentive rebates to its 98 members for the year to March 31 2022, almost $20m more than the prior year.The discretionary payment, classed as an expense by the building materials cooperative, followed a 21% increase in revenues to $76.7m, from $63.2m for the comparable period. The result was a net loss of $316,000, from a net income of $4.2m the prior year. The improved revenue stream came on the back of a 7% increase in construction work during the year and significant materials pri...

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