Bestway Wholesale’s turnover has broken through the pound;2bn barrier for the first time and profit before tax for the Group, which includes cement manufacturing and banking businesses, topped pound;100m.
In its financial results for the year ended 30 June 2011, which were announced last week, Bestway Group said annual turnover increased by 11.1% to pound;2.34bn from pound;2.10bn in 2010, and profit before tax was up 65.3% to pound;119.1m compared with pound;72m in 2010.
Turnover in the wholesale business was pound;2.21bn compared with pound;1.99bn the previous year, an increase of 11.2%. Profit before tax increased to pound;54.7m compared with pound;49.6m in 2010, an increase of 10.3%.
Group chief executive Zameer Choudrey said: “The economic situation is challenging, but we are a large diversified group with significant financial strength, and we are focusing and investing in the business.”
During the financial year Bestway acquired the Martex business in Scotland, taking it up to seven depots in Scotland, and it opened a new warehouse at Aintree, Liverpool (see page 5 for news on the next new warehouse).
He said there were fewer and fewer areas where the group did not have coverage but it was still looking to plug gaps and it would do so if appropriate deals were available. He confirmed the company had looked at the situation regarding DBC Foodservice (see page 5), but said the company had not been provided with information in a timely manner and had complained about this to the administrators.
Best in own label sales grew by 21.3% to pound;102m during the financial year, and the number of Xtra Local and Best in retail club members currently stands at 2,365, an increase of 10%.