Glennon Bros’ Profits Tumble 23% as Timber Demand Weakens

Irish Timber ⁢Firm Glennon Bros Reports Decline in Profits

Glennon ⁢Bros, a ⁤leading timber supplier operating in Ireland and the UK,⁢ has‍ announced a decrease in profits for ‌the year. Despite strong performance in 2022, the companyS pre-tax profits fell from €48.24‍ million to €37.07 million in 2023. This decline was attributed to a​ 17.5% drop in revenue,down ​from ⁤€381.12 ⁤million to €314.59 million. The company, which employs 900 people directly and over 450⁣ indirectly in Ireland ⁣and Scotland, is known for supplying timber products for construction, pallet wood, and fencing.Joint managing director Mike Glennon acknowledged ⁤the exceptional demand ​experienced in 2022, but noted that 2023,⁢ while still a good year, saw more ⁢reasonable demand across both the UK‍ and Ireland. Looking ⁢ahead to 2024, Glennon Bros anticipates a further decline in profitability ​due to weakening demand for timber in the UK market. ⁣ “Ther was additional ⁣pressure on group operating costs, especially for energy, insurance and ⁤wages costs, negatively impacting group costs,” Mr. Glennon explained. He also highlighted a pressing ⁢concern: “We have an afforestation crisis in Ireland today. We need to ask‍ the tough ‍question; why have we the lowest level of planting sence 1946, ‍with a mere 1,600 hectares planted in 2023…”

Strong Financial Performance Fuels ‌Calls⁤ for Increased Forestry ‍Investment

A‌ leading Irish forestry and timber company ‌recently ‌announced robust financial results, posting post-tax ‌profits of €27.99 million for the year. This strong performance has ⁢reignited discussions about the crucial role forestry plays ⁤in achieving⁣ Ireland’s climate targets and meeting housing demands. “Are we serious,in Ireland,about reaching‌ our climate change commitments?” a​ spokesperson for the company⁣ questioned,highlighting the potential of forestry to ‍contribute to thes goals. ⁣”Forestry holds ​the key to help meet climate change targets while also providing timber for the much-needed housing market. We need to ⁤build Irish homes from Irish timber to⁢ support the underlying demand for ‌housing and underpin the need to decarbonise our built environment.” The company attributes its​ remarkable​ financial results to ‍strategic management and operational efficiency. Staff costs were ⁤reduced from €41.88 million to €40.15 million, ⁤while accumulated profits surged to €196.68 million. Adding to their financial strength, the company’s cash funds​ increased from €95.32 ​million to €99.3 million.
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## Archyde Exclusive: Declining Profits at Glennon Bros – An expert Outlook



**Introduction:**



Good evening and welcome to Archyde tonight. Tonight, we delve into the recent financial performance of leading Irish timber supplier, Glennon Bros. While the company enjoyed a strong 2022, pre-tax profits have fallen to €37.07 million this year, down from €48.24 million in 2022. Joining us to discuss the reasons behind this decline and its implications for the Irish timber industry is [**Alex Reed Name**], a leading expert in forestry and timber economics.



**Interview:**



**Host:** [Alex Reed Name], thank you for joining us tonight. Glennon Bros’ reported decline in profits has raised eyebrows within the sector.What factors do you believe contributed to this shift?



**Alex Reed:** It’s a complex situation, to be sure. While Glennon Bros hasn’t explicitly detailed the reasons, we’re seeing a global trend of softening demand for timber. Factors like rising interest rates, inflation, and ongoing economic uncertainty are impacting construction projects, which are a major consumer of timber.



**Host:** Interestingly, the article mentions their revenues fell by 17.5%. How significant is that drop, and what might it indicate about the broader market?



**Alex Reed:** That’s a substantial decrease. It suggests that the slowdown in demand isn’t just a blip; it’s potentially a sustained trend. this could point towards a broader recalibration of the timber market, where prices might need to adjust to reflect the changing economic landscape.



**Host:** Despite the decline, Glennon Bros remains a strong performer, having reported robust profits just last year.What does this tell us about the resilience of the Irish timber industry?



**Alex Reed:** It speaks volumes about the industry’s ability to weather economic storms. Irish forestry has shown extraordinary growth in recent years. Though, the current situation highlights the need for continued investment in sustainable forestry practices and diversification of markets to ensure long-term stability.



**Host:** Looking forward, what are your predictions for the Irish timber industry?



**Alex Reed:** The immediate future might continue to be challenging, but the fundamentals remain strong. There’s a growing global imperative for sustainable building materials, and Irish timber is ideally positioned to capitalize on that.I believe the industry can rebound,provided it adapts to the evolving market dynamics and prioritizes innovation.





**Host:** Thank you for your insightful analysis, [Alex Reed name]. This has been a interesting discussion. To our viewers, for more insights into the irish timber sector, please visit Archyde.com