The Bestway Group has reported its annual results with substantial increases in both turnover and profits.
Group turnover for the year ended June 2005 increased by 21% to pound;1.35bn, compared with pound;1.12bn the previous year, and group profit before tax increased by 32% to pound;57.2m, up from pound;42.3m the previous year.
Zameer Choudrey, group chief executive, said: “2005 has been an incredible year for our businesses.” He added that while the last 12 months have been one of the toughest years for the UK cash and carry industry, Bestway’s businesses have exhibited sustained sales growth, increased market share and improved profitability.
During the 2005 financial year Bestway acquired Batleys at a cost of pound;100m, and in the following five months Batleys contributed pound;237.7m to group turnover and pound;3.9m to operating profits.
The results also showed that the Batleys acquisition has boosted the group’s property portfolio by pound;82.8m, and at the year end it was valued at pound;242.3m, an increase of 57% from the previous year.
Cement manufacturing and banking interests in Pakistan also contributed to the group results. The group’s charitable Bestway Foundation, which usually donates 2.5% of its post tax profits to a range of charities in the UK and internationally, donated $1m for the development of village schools and rural health care units in Pakistan.