KAYDAV, a distributor and upgrader of wood-based panels for construction, furniture manufacturing and shop fitting, has reported "satisfactory" results for the year to December.Revenue in the period shot up 20.9%, as the group kept a lid on operating expenses. But operating profit margin was flat at 5.5%.Continued pressure on gross profit margins led to nominal gross profit growing slower than sales growth, the company said on Wednesday. But profit for the year increased 16.5%, with headline earnings per share growing 18.1%."Activity levels in our industry are determined by consumer demand. (This) is affected by consumers’ personal debt levels, employment and the willingness and ability of financial institutions to extend credit," CEO Gary Davidson said.Weak demand had put pressure on selling prices. The net tangible asset base was R126.4m at the end of December. This continued to provide a sound platform for growth. Interest-bearing debt, excluding the net overdraft, fell 4% as a p...
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