P&H announces double-digit profits hike

Palmer & Harvey (Holdings) plc, the UK’s biggest delivered wholesaler, today announced its financial results for the 52 weeks to 4 April 2015.

Total revenue was up 6% to £4.466bn (2014: £4.197bn), while gross profit rose by 11% to £215m (2014: £194m). EBITDA was also up, by  19% to £35m (2014: £30m).

The company put its positive results down to the eight-year contract to supply Costcutter stores, significantly increasing revenues and improving the pricing we can offer to our customers; continued growth of the c-store sector; the retention of major supply contrcts to operators like Moto (leading UK motorway service area operator); and a doubling of the company-owned Central retail business, from 16 stores to 39.

Chris Etherington, Chairman and CEO, said: “This has been a year of transformation for P&H.  Our financial performance has been strong, and we have made significant strategic progress to support our long-term growth.

“Our partnership with Costcutter is delivering buying benefits to our customers and is operating well with an expanded number of stores.  Our small drop expertise positions us well for the current changes in the grocery market which is seeing rapid expansion in convenience format stores.”

For more on P&H’s results, don’t forget to read your copy of the September issue of Wholesale News – out next week!

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