The Directors intend to issue the following statement to shareholders attending today's AGM.
We are pleased to see that sales per working day for the first four months of the current financial year, namely April to July 2018, are 9.1 % higher than the same period last year. Volumes have increased through both our warehouses and direct, with the majority of the volume increases being in panel products. Cost prices of our products have continued to rise, having a positive effect on revenues but creating pressure on our margins, which are slightly lower than the second half of last year.
The level of activity for both our timber and panels customers remains strong, with good demand for our added value timber products and some commodity product lines, especially melamines and doors where we are seeing the benefit of our extended racking capability at our new facilities in Leicester and Yate. The Company's cash reserves are strong, and we received £1.72m from the sale of the old site at Yate in April.
Further to our success at the Business Design Centre in Islington, we are pleased to announce the opening of our second product specification showroom located in Manchester.
We know we are entering a period with more uncertainty and greater competitive and market pressure. We remain positive that we can meet the challenges ahead and continue to grow our business.
The Company's interim results for the six months ending 30 September 2018 will be announced on 29 November 2018