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Building products supplier Eurocell reported a rise in profit owing to higher margins underpinned by price hikes.
For the year ended 31 December 2019, pre-tax profit rose 5% to £23.1m on-year and revenue increased 10% to £279.1m.
Gross margin was up 170 basis points to 51.2%, reflecting selling price increases and use of recycled material up 41%, the company said.
'As yet, there has been no discernible impact on our business from COVID-19, although we remain very alert to this possibility,' Eurocell said.
'Despite the impact of very wet weather so far this year, we have made a good start to 2020. Sales and margins for the first two months are in line with our expectations, and notwithstanding macroeconomic and political uncertainty, we expect to deliver further progress this year,' it added.