JW Filshill sees turnover sky-rocket
Scottish wholesaler JW Filshill has recorded a 23% increase in turnover in its latest annual results.
The business posted a turnover figure of £191 million in the year ending 31 January 2021 – up from £155 million in the previous 12-month period.
But while gross profit was also up by 8.08%, it was slightly down compared to 8.4% in the preceding year due to the impact of the Covid-19 pandemic.
Operating profit is also up to £2.3 million – 1.2% of turnover – from 0.67% the previous year.
“The UK economy has experienced a period of extreme uncertainty due to the ongoing pandemic and the group has had to adapt to take account of the massive disruption experienced by all sectors,” said Chief Financial and Operating Officer, Keith Geddes.
“We constantly reviewed controls and working processes to ensure that our workforce was operating safely and with the necessary resources and information to minimise any risk to our team. There were high costs associated with safeguarding employees and customers but we took all necessary precautions.
“We were one of the first companies in the UK to make regular lateral flow testing available on site to the entire team.
“Despite these increased operating costs the change in consumer behaviours resulted in an increase in demand for convenience retail which helped offset these costs and generated funds to invest in the growth and future of the business.”
It’s an exciting time for JW Filshill, which will relocate to a new 120,400 square foot purpose-built distribution centre at Westway Park new Glasgow Airport in 2022.
And CEO Simon Hannah pointed out there’s a clear strategy in place to achieve further success in the future.
“Our long-term strategy of building strong partnership-based relationships with our customers and suppliers has been critical in us providing essential supplies to communities across the country in challenging times,” said Hannah.
“We were recently ranked number one by suppliers in an independent survey across our key competitors for the ninth consecutive year.
“The directors are pleased with the company performance and are confident that profits will continue at a satisfactory level going forward.”covid-19 growth JW Filshill results Scotland wholesaler