Scottish Spar wholesaler C J Lang & Son has reported a turnover increase for the first time in four years, with the £187.9m up 2.6% on the previous year ending 30th April.
Margins have also improved to 24.3%, from 23.9%. Chief executive Colin McLean, said: “I am pleased to report the growth in turnover and underlying profit and it confirms that the very early stages of our strategy for growth, outlined last year, are driving positive change.
Underlying profits before exceptional costs have also increased by 56% to £764,000. The booking of a significant one-off cost of £1.6m, primarily to cover asset write-downs and lease charges resulting from the closure of a number of long term loss making stores, has resulted in the posting of a net loss.
McLean added: “Buoyed by last year’s good summer, our growth is a result of several key changes, including a focus on improving and implementing consistent store standards, the development of our independent customer base and improvements to our offer in order to meet the changing customer needs within convenience retailing.
“During the year we have had to take difficult decisions necessary to improve the profitability of our business and either disposed of or closed several long-term, loss making stores. Like many other retailers, we are also experiencing significant cost increases in a highly challenging retail market.