DEMAND for housing and DIY projects saw James Jones and Sons' profits treble last year. 

The timber processor, which dates back back more than 180 years, also benefited from acquisitions in a year when turnover rose by 76 per cent to £331 million. Strong housebuilding helped the group, according to recently published accounts covering 2021.

The directors said that trading had been “robust” during the first eight months of the financial year thanks to strong demand for “DIY products, increasing housebuilding activity and improving economic output”.

However, demand had “tailed off” towards the end of the year and the company scaled back production to avoid building up too much stock. Rising costs were noted in areas including fuel, energy, insurance and employment.

The acquisition of GT Timber in February last year for £25.7 million had helped to increase the overall output capacity of sawn timber.

The pre-tax profit of £60.8 million in 2021 compared with £19 million in the previous 12 months.

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The best-paid director’s pay package rose by more than 80 per cent to £1.3 million.

James Jones ended 2021 with £232 million of cash reserves and continues to look at organic growth projects, as well as more mergers and acquisitions.