LUMBER INDUSTRY SHRINKS
York Timber grows first-half revenue but profit is pruned
York Timber achieved steady revenue growth in the six months to December 2016 but its headline earnings per share declined marginally. The group said it had to compete in a shrinking market. "York achieved revenue growth of 9% year on year in an economic environment where the lumber industry declined by 4.5% in the same period. This was attained through a dedicated focus on improving customer support and service. "York increased its geographical footprint by opening new warehouse distribution facilities in provinces previously not covered directly," CEO Pieter van Zyl said. Growth of 14% over the comparative period in earnings before interest, tax, depreciation and amortisation, was achieved by increasing average selling prices year on year. But headline earnings per share declined to 10c from 11c for the six months to end December 2015. An increase of 9% in the value of York’s biological asset base was recorded. "Consistent attention to forestry best practices resulted in improveme...
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