JW Filshill turnover has remained at £155 million for the year ending January 31, with gross profit recorded at 8.4% during the period.
The Scottish wholesaler is currently on track to relocate to a 120,400 sq ft purpose-built distribution centre early next year, and Keith Geddes, chief financial and operating officer explaining that the company has delivered a stable set of results with the continuing industry-wide decline in tobacco sales being offset by sustained growth in other product categories.
“The move from a cash and carry set-up to click and collect at our depot in Hillington has been particularly successful and has delivered clear benefits to the company and our customers,” he explained.
“Living wage, pension regulation and fuel prices continue to drive up our cost base,” he continued. “However, our focus is on offsetting these increases through a constant drive in improving operational efficiency, maximising our use of technology and data, and recruiting new customers to our growing KeyStore symbol group.”
Geddes went onto say that the market remains highly competitive and consolidation continues in the sector but Filshill is well positioned to take advantage of the opportunities it is creating and continue to deliver growth outside of the tobacco category.
The wholesaler’s recorded net current assets now stands at £11.09m, up from £10.3m last year. Simon Hannah, chief executive officer, said he was confident that “profit and turnover growth will continue at a satisfactory level”. He noted: “The independent retail trade remains highly competitive and challenging, and we seek to manage the principal risk of losing customers by aiming to deliver best-in-class customer service.