A billion-dollar Langley-based company has made a list of the fastest-growing companies in Canada.
Hardwoods Distribution Inc., (HDI) which lists a Walnut Grove office building as the location of its head office, has more than doubled in size over a five-year period, according to the 30th annual Growth 500 ranking by the canadianbusiness.com website.
Based on five-year revenue growth, the just-published list ranks HDI as number 280 among the 500, with annual revenues rising to $1 billion in 2017, an increase of 31.4 per cent from 2016.
The HDI website describes the company as “North America’s largest wholesale distributor of architectural grade building products to the residential and commercial construction markets.”
Products include “architectural decor panels, decorative surfaces, high-grade hardwood lumber, sheet goods, architectural millwork and non-structural architectural grade building products …”
Founded in 2004, HDI employs over 1,100 people at more than 60 locations across North America.
Financial results released Aug. 8 by HDI show consolidated sales, adjusted for the difference in foreign exchange rates, increased eight per cent during the most recent fiscal quarter (The company estimates 85 per cent of annual sales are generated in the U.S. and 15 per cent in Canada).
Rob Brown, President and CEO issued a written statement that forecast continued growth, with gross profit margins in the range of 18 to 19 per cent for the balance of the year.
“Our outlook going forward remains positive,” Brown said.
The HDI website reports the company has over 35,000 customers, “primarily small-to-mid-sized industrial manufacturers of cabinets, mouldings, custom finishing, home furniture, home renovations, finishing millwork for office buildings, restaurant and bar interiors, hotel lobbies, retail point-of-purchase displays, schools, hospitals, custom motor coaches, yacht interiors and other specialty areas.”
The company said it manufactures and distributes “only wood products made from legally harvested forests and meeting and or exceeding industry and government regulatory guidelines.”