Bestway Wholesale’s turnover has broken through the £2bn barrier for the first time and profit before tax for the Group, which includes cement manufacturing and banking businesses, topped £100m.
In its financial results for the year ended 30 June 2011, which were announced this week, Bestway Group said annual turnover increased by 11.1% to £2.34bn from £2.10bn in 2010, and profit before tax was up 65.3% to £119.1m compared with £72m in 2010.
Turnover in the wholesale business was £2.21bn compared with £1.99bn the previous year, an increase of 11.2%. Profit before tax increased to £54.7m compared with £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 £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%.
In 2011, The Group celebrated 35 years of the wholesale business and staged the biggest ever promotion event. The “Team 35 Drive” promotion gave the customers over £1m in cash back and discounts. Choudrey said: “Over the years, Bestway has endeavoured to play its role in supporting the customers by ensuring that we have the lowest prices and the widest product range in the wholesale sector. Our mission is Building Business for the Independents.”