Bestway Wholesale has reported an 83% increase in pre-tax profit to £23.2m for the year ended June 30 2017, boosted by the performance of its Best-one symbol group, which was recently named the UK’s best by Which? magazine.
The company posted revenue of £2.13bn in the 12-month period, a decrease of 2.2% compared to the corresponding period. Sales in licensed, retail and catering sectors all posted good growth which contributed to a total sales growth, excluding tobacco, of 1.9%. The overall revenue decline was due to continuing falls in tobacco sales – something that the entire C&C and retail sectors are experiencing.
Best-one sales increased by 19.7%, excluding tobacco, and 12.9% overall. Retailers benefited from rebates ‘in excess of £1m’ via the My Rewards scheme, the wholesaler said.
Bestway said its online business had 62,000 registered users during the period, compared to 37,000 the year earlier. Weekly sales grew 12.0% with total app and website sales averaging £26m a month. The app accounts for nearly 25% of all online transactions, compared to 15% in the previous period, a Bestway spokesman added.
Martin Race, MD of Bestway Wholesale, said: “These latest results put Bestway Wholesale back on track after a year of investment in 2015/16. While market conditions continue to be challenging, we are seeing fantastic growth in our Best-one symbol offer, multiple accounts businesses.
“Overall it has been a strong performance by the wholesale division. We have seen customer satisfaction scores, promotional sales and margins all increase while following our strategic commitment to operate for less. Non-tobacco sales are growing, however, like everyone else in the market, we have suffered in tobacco.”